Aequitas Research - Orient Overseas (International) Limited (ORI1) Orient Overseas Placement

Report

Aequitas Research

Sumeet Singh

EUR 88.49 For Business Accounts Only

Orient Overseas Placement

Orient Overseas (OOIL) aims to raise around US$419m via a top-up placement.

The stock has been a tear this year owing to the rising freight rates. However, this will be the fourth placement in the name and will be the largest and is being offered at the tightest discount. None of the past deals held on to the deal price in the near term.

09/09/2021 7 EN

Underlying

Orient Overseas (International) Limited

Orient Overseas (International) is an investment holding company. The principal activities of Co. and its subsidiaries are container transport and logistics. Container transport and logistics include global containerised shipping services in primary trade lanes, covering Trans-Pacific, Trans-Atlantic, Asia/Europe, Asia/ Australia and Intra-Asia trades, and integrated services over the management and control of storage and flow of goods.

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BMG677491539 Germany

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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2024 core earnings of US$2.60b (+94% yoy) was in line, at 100% of our forecast. A final dividend of US$1.32 was declared, leading to a full-year yield of 13.5%. For 2025, management expects a more challenging business environment amid geopolitical tensions. We expect OOIL’s earnings to moderate 37% yoy in 2025. While share price downside is limited by its large net cash pile and still-decent 2025 yield, OOIL lacks near-term re-rating catalysts. Downgrade to HOLD. Target price: HK$114.50.

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Orient Overseas Placement

China Transportation & Logistics: Tariff war posing significant uncertainties to global trade. Prefer domestic consumptionoriented logistics names. Maintain MARKET WEIGHT. Top pick: JD Logistics (2618 HK).

Orient Overseas (International) (316 HK): 2024: Results in line; more challenging business environment in 2025 but limited valuation downside. Downgrade to HOLD on lack of re-rating catalysts.

Regional Morning Notes - Monday, March 17, 2025

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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