[ET Net News Agency, 7 November 2017] UBS Global Research lowered its target price for
COSCO Shipping Port (01199) to HK$10.1 from HK$10.4, and maintained its "neutral" rating.
The research house was expecting profit growth acceleration in 2H, while the strong 3Q
profit growth came in still below UBS's expectation due to delayed booking from newly
acquired port assets. As a result, UBS cut its 2017-19 EPS estimates by 10%/7%/5%.
UBS said it would expect upside if volume recovery and potential tariff increases are
better than expected, and/or if newly acquired assets deliver faster than expected profit
contribution.
UBS said it does not see concrete evidence that COSCO SHIP Port will be a major
beneficiary of the potential port consolidation. It thinks that the company may be active
in potential port consolidation in China. However, potential benefits will come through
only when tariff hike, cost saving and rational capacity expansion are seen. (KL)
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01199 COSCO SHIP PORT
Nominal 
4.640 -0.100 (-2.110%) Others
07/11/2017 14:21
[I-bank focus]UBS lowers COSCO Ship Port (01199) to HK$10.1
| Remark: | Real time quote last updated: 26/04/2024 10:41 |
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