Shipping group OOIL at over 6-mth high on strong results, special dividend

Orient Overseas (International)

23/03/2023 04:53

** Shares of container shipping group Orient Overseas
(International) Ltd  0316.HK  jump as much as 20.3% to HK$157,
their highest since Sept. 2, 2022, on track for third straight
session of gains
    ** Stock set for biggest daily pct rise since Jan. 2021 if
gains hold; biggest pct gainer in Hang Seng Index  .HSI , Hang
Seng Commerce & Industry Index  .HSNC  and Hang Seng Composite
Index  .HSCI  
    ** Co says 2022 net profit jumped 39.8% Y/Y to $9.97 bln,
revenue rose 17.8% to $19.82 bln 
    ** Proposes second special dividend of $1.95 per share 
    ** Says business outlook is mixed, downward trend of freight
rates may have started to stabilise and unlikely that general
environment for the industry will change materially in 2H23
    ** Daiwa maintains "buy" rating on better-than-expected 2H22
earnings with intact special dividend
    ** Hang Seng Commerce & Industry Index  .HSNC  rises 1.4%
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both climb 0.6%
    ** As of last close, stock has fallen 7.5% so far this year

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