[ET Net News Agency, 28 April 2020] Daiwa Research lowered its target price for COSCO
Shipping Ports (CSP)(01199) to HK$6.6 from HK$7.6 and maintained its "buy" rating.
The research house cited CSP's management on its 1Q results teleconference expecting a
volume recovery in China from 2Q and high dividend yield for 2020.
CSP's container throughput for consolidated terminals and non-controlling terminals fell
by 14% and 2% in 1Q. But the company witnessed signs of recovery (dropped by only 2.4%)
during 1-14 April.
Daiwa cut its 2020-22 net profit by 14-18% to reflect its 1Q results and its lower
forecasts on volumes and margins. (KL)