Earnings1H25 earnings fell 17% y/y to HKD1.1bn, below expectations, mainly due to higher tax expense under OECD Pillar Two.
Financial PerformanceReduced FY25F earnings by 21% as finance lease income weakens, JV contributions fall 40%, and taxes rise under OECD Pillar Two.
Shipping Sector RisksA systemic crisis in the shipping sector, leading to lessee defaults and asset impairments, could pose risks.