Cosco Shipping: backed OOIL jumps most in 3 months on strong H1

Orient Overseas (International)

19/08/2022 07:10

** Shares of Orient Overseas (International) Ltd  0316.HK 
(OOIL) jump as much as 7.3% to HK$236.80, the biggest daily pct
gain since May 13, and on track to snap two straight sessions of
decline
    ** Stock is the biggest pct gainer in the benchmark Hang
Seng Index  .HSI , Hang Seng Composite Index on industrials
 .HSCIIG , and Hang Seng Commerce & Industry Index  .HSNC  
    ** COSCO Shipping Holdings-backed OOIL says H1 net profit
doubled to $5.66 bln from $2.81 bln in a year ago period with
revenue increasing to $11.06 bln from $6.99 bln. It declares
special dividend of $1.57 and interim dividend of $3.43 per
share  urn:newsml:reuters.com:*:nFWN2ZU5DF
    ** Jefferies says OOIL's 1H22 net profit slight beat its
estimates but the broker maintains "underperform" rating amid
bearish view on container shipping sector and estimates monthly
container revenue has peaked and spot freight rates will
continue to decline 
    ** Hong Kong shares of COSCO Shipping  1919.HK  rises 3.8%
and smaller rival SITC International  1308.HK  gains 1.3%  
    ** Hang Seng Commerce & Industry Index  .HSNC  gains 0.3%,
the Hang Seng Composite Index on industrials  .HSCIIG  rises
0.7% and the Hang Seng Index  .HSI  climbs 0.2%
    ** As of last close, the stock had risen 17.8% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))