[ET Net News Agency, 3 September 2019] HSBC Global Research cut its target price for
Cosco Shipping Ports (CSP)(01199) to HK$9.2 from HK$10 and maintained its "buy" rating.
The research house said CSP's 1H recurring profit declined by 2% to US$156m, with strong
performance by its key terminals such as Piraeus Port was offset by negative US$6m impact
from the adoption of IFRS 16 and start-up costs at new terminals such as Khalifa, Abu
Dhabi.
During the analyst briefing, CSP management guided high-single-digit growth for equity
throughput in 2019, despite the China-US trade tensions. CSP spoke about three key drivers
of its ROE recovery: synergies with parent shipping company and alliance, globalisation
(overseas expansion), and increasing contributions from subsidiaries.
HSBC trimmed its FY2019-21 earnings forecasts by 3-8% mainly to reflect lower volume and
ASP assumptions, offset to some extent by lower costs. (KL)
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01199 COSCO SHIP PORT
Nominal 
4.530 +0.060 (+1.342%) Others
03/09/2019 09:25
{I-bank focus}HSBC lowers Cosco Ship Ports (01199) to HK$9.2
| Remark: | Real time quote last updated: 19/04/2024 13:41 |
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