Judging from the two aspects of profit and stock performance, Maski, the world's largest container shipping company, has also experienced the worst year of its 118 -year history.

Although this difference is largely because investors expect their future income to decline, for this transportation giant, this contrast is obvious. Matsky currently makes a lot of money. The net profit is equivalent to its mother country. About 9 % of Danish GDP.

Zhitong Finance noticed that Maski's profits were soaring due to shortage of transportation power, coupled with supply chain bottlenecks and new crown epidemic blockade, which led to soaring freight. According to the Shanghai Shipping Exchange Container Index (indicator of China ’s freight in China), the shipping costs increased by more than 7 times from October 2019 to January 2022. 60 %.

Therefore, the company's income may be like a roller coaster. Bloomberg's latest survey shows that Maski ’s net profit this year will almost double the high level than 2021, reaching a record of $ 29.3 billion. This will make it the third highest profit in Stock Europe's 600 index.

However, the situation will be different next year. Analysts expect Maski's net profit to decrease by more than 70 % to $ 7.97 billion.

The core of its stock valuation dilemma is the sustainability of Master's profitability, and what value has its registered contract (about 70 % of the long -term business) in the case of a sharp decline in the current exchange rate.

Maski's stock price is moving towards the worst year since the 2008 financial crisis. The stock has fallen by 38 % so far, and the decline is nearly twice the average level of the 600 index of Stock Europe.

Kepler Cheuvreux Shipping Analyst Anders Redigh Karlsen said that the fluctuation of the current exchange rate has led to "uncertainty of profit forecasts" and is currently arguing how much the exchange rate has on the future contract of Maski.

Redigh Karlsen said, "I think these contracts have certain value," "Some people may try to re -negotiate. It may make some concessions on the basis of case handling, such as extending the contract period."

Others are even more pessimistic. Barclays analyst Alexia Doagani believes that the current exchange rate trend is "the indicator closest to future profit prospects." His rating of Maski is one of the few "selling" rating.

As the shipping prospect is dim, the economic recession is approaching, and the rise in consumer prices is expected to lead to a decline in the world's demand for Marcus shipping goods. With the relief of the global supply line congestion, the capacity will also rise, which means that more ships will compete less goods.

DoAgani believes that if the upcoming recession is similar to the 2008 global financial crisis, corporate profits will face "major" risks. Although Maski has invested in land -based transportation business in the past few years, it strategically reduces the risks brought by shipping price fluctuations, but in view of the commercialization characteristics of land -based transportation business, she can doubt whether this move can promote the higher performance.

Data show that analysts have become more and more pessimistic about the container shipping company. In the past two months, the average 12 -month target price has been reduced by 12 %, although most analysts still recommend "buying" the company's stock.

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