On May 28, SITC International fell 3.79% in regular trading, trading at HK$33.84/share, with trading volume of HK$26.13 million.

On the news front, UBS published a research report raising SITC International's target price from HK$30 to HK$33.8 while reiterating a Neutral rating. Notably, the current stock price has already reached the target price level, implying UBS sees limited upside potential from here. The bank raised its earnings forecasts for the company by 1% to 6% for the current and next fiscal year to reflect stronger-than-expected shipping volumes and freight rates in Q2, but maintained a cautious stance on industry-wide feeder fleet expansion beyond next year.

Management expressed confidence in intra-Asia shipping demand and expects to benefit from the container freight rate rebound since March. However, the signal that the target price is essentially at parity with the current share price appears to have triggered profit-taking among some investors. It is worth noting that other brokerages maintain more bullish views, with the average target price among buy-rated analysts at approximately HK$41.07.

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