Hong Kong-listed OOIL surges on Q1 revenue growth

Orient Overseas (International)

20/04/2022 03:39

** Container transport and logistics group Orient Overseas
(International) Ltd's (OOIL)  0316.HK  shares rise 4.8% to
HK$214, biggest daily pct gain since April 1
    ** Stock hits highest since April 4 and on course for fourth
straight session of gains
    ** Company says total Q1 revenue jumped 71% y-o-y to $5.16
bln, with overall average revenue per TEU (twenty-foot
equivalent unit) up 88.3% vs year-earlier period   urn:newsml:reuters.com:*:nFWN2WH01F
    ** OOIL says severe network congestion has driven down
liftings by 9.2% and loadable capacity by 6.5%, with overall
load factor 2.6% lower than the same period in 2021
    ** Jefferies maintains "underperform" rating on OOIL, saying
container freight rates could continue to drift lower since
peaking on Jan. 7 while any sustainable rebound will depend on
consumer spending
    ** Hang Seng China Enterprises index  .HSCE  eases 0.6%,
while Hang Seng Commerce & Industry index  .HSNC  and the
benchmark Hang Seng index  .HSI  both slip 0.2%

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