OOIL (00316.HK) Slumps 6%+ after Daiwa Lowers TP & Rating

　　OOIL (00316.HK) -5.300 (-4.633%) Short selling $32.34M; Ratio 27.600% opened down 3.85% today. It bottomed at $106.6, down 6.8%, logging a new low since April 2024. It last printed at $107, down 6.47%, on volume of 567,500 shares and turnover of $62.1483 million.

　　OOIL announced that for the second quarter ended 30 June 2024, total revenues increased by 14.4% to USD2.265 billion, as compared to the same period in 2023. Total liftings increased by 0.9% and the loadable capacity decreased by 3.4%. The overall load factor was 3.6% higher than the same period in 2023. Overall average revenue per TEU increased by 13.4% compared to the second quarter of last year. For the first six months ended 30 June 2024, total revenues increased by 2.2% and total liftings increased by 2.1% over the same period last year. Loadable capacity decreased by 0.7%. The overall load factor was 2.3% higher than the same period in 2023. Average revenue per TEU was similar to the same period last year.

　　Morgan Stanley said OOIL's 2Q operating data was moderate, concerned about market worry on the risk of a peak in the industry. It believed there is a 70-80% chance that its share price will fall in the next 60 days. Separately, Daiwa said the investment sentiment on the stock weakened in lack of a catalyst in the short term, and hence lowered its TP from $160 to $110, and downgraded its rating from Buy to Hold.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-15 16:25.)