Neptune Orient Lines (N03.SG) +1.5% at $1.99 as container shipping group’s resilient June performance underpins hopes for earlier-than-expected return to profitability, according to Dow Jones.

NOL last year flagged losses to persist till 1H10 after booking US$740 million ($1.02 billion)loss in FY09.

“Having suffered six consecutive quarters of losses since 4Q08, we believe that NOL could return to profitability as soon as 2Q10,” says OCBC Investment Research, which has Buy call with $2.35 target.

CIMB, which has Outperform call, expects NOL to continue benefiting from rising freight rates in 2011-2012, but trims target to $2.25 from $2.50 based on 1.5x P/B vs 1.8x previously to reflect growing market risk aversion.

Average revenue per container +32% on-year at US$2,892 in June, while volume +29% at 221,900 boxes. Orderbook quotes suggest minimal upside beyond $2.00 for time being.