[Alpha Biz=(Chicago) Reporter Paul Lee] Heungkuk Securities predicted that HMM's performance will inevitably decrease as shipping fares continue to fall. The investment opinion maintained the 'buy' and the target price was lowered from 30,000 won to 26,000 won.
Heungkuk Securities said in a report on the 20th, "HMM's sales in the fourth quarter of last year will fall 25.3% year-on-year to 3.8 trillion won and operating profit will fall 38.2% to 1.7 trillion won," adding, "The spot fares continued to fall, and the fare adjustment was large, mainly on the U.S. West Coast and European routes."
Heungkuk Securities predicted, "From 2023 to 2024, the front-line growth rate of container ships will be more than 7% every year, and fares are likely to fall further here as supply exceeds demand."
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
