[ET Net News Agency, 2 September 2019] Goldman Sachs lowered its target price for COSCO
Shipping Ports Ltd. (01199) to HK$10.4 from HK$10.7 and maintained its "buy" rating.
The research house said COSCO Shipping Port's 1H core net profit fell 4% to US$154.9mn,
running inline, representing 51% of Goldman's full-year estimate. Full-year capex budget
remains unchanged at US$1.7bn, including US$872mn for equipment/upgrades and US$830mn from
M&A.
On results, Goldman lowered its FY2019-21 EPS forecasts by 2-8%. It said this set of
results reaffirms its belief that COSCO's port volume growth should be able to continue to
outpace its peers, backed by its parent company, China Shipping, as a key member of the
OCEAN Alliance. The company remains confident it can achieve its 5-year target of doubling
its earnings from US$181mn in 2016 to US$362mn by 2021. (KL)
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01199 COSCO SHIP PORT
Nominal 
4.740 +0.120 (+2.597%) Research Report
02/09/2019 15:16
{I-bank focus}Goldman lowers COSCO Shipping Ports to HK$10.4
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