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RTNominal down5.640 -0.080 (-1.399%)

30/10/2019 17:31

{I-bank focus}Goldman cuts COSCO Shipping Ports to HK$10.1

[ET Net News Agency, 30 October 2019] Goldman Sachs lowered its target price for COSCO
Shipping Ports (CSP)(01199) to HK$10.1 from HK$10.4 and maintained its "buy" rating.
The research house said CSP's 3Q results came in line with its expectation, running at
25% of FY2019 net profit. The improvement was mainly due to lower tax expenses related to
Beibu Gulf port's withholding tax adjustment despite largely steady top-line results.
Goldman said the stabilization in China volume coupled with volume growth backed by the
group's parent company China COSCO Shipping reaffirms Goldman's belief that COSCO's port
volume growth should be able to continue to outpace its peers.
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. Goldman revised its FY2019-21 core EPS
forecasts by 1%. (KL)

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