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RTNominal down3.840 -0.020 (-0.518%)

14/01/2020 17:23

{I-bank focus}Goldman lifts COSCO Shipping Ports to HK$10.4

[ET Net News Agency, 14 January 2020] Goldman Sachs lifted its target price for COSCO
Shipping Ports (01199) by 3% to HK$10.4 and maintained its "buy" rating.
The research house said China's 11-month 2019 throughput volume grew 5% ahead of
aggregate -1% volume reduction at COSCO's China portfolio, helped by faster growth from
the other smaller domestic ports due to the low base in FY2018.
The impact of the US/China trade war appears to have been somewhat absorbed by CNY
depreciation and service re-routing by the shipping liners, with volume stabilization in
recent months.
Looking into 2020, COSCO has not finalized its 2020 budgets. Goldman modeled 7% volume
growth on the ramp-up of its newer overseas ports, e.g., Abu Dhabi terminal. In light of
the potential resolution of US/China trade tensions (phase 1 deal news), Goldman sees
upside risk to its 2% port throughput growth forecast in 2020. (KL)

Remark: Real time quote last updated: 28/05/2020 17:58
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