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RTNominal unchange5.350 0.000 (0.000%)

18/11/2019 09:31

{I-bank focus}Daiwa cuts COSCO Ship Ports (01199) to HK$9.4

[ET Net News Agency, 18 November 2019] Daiwa Research lowered its target price for
COSCO Shipping Ports (CSP)(01199) to HK$9.4 from HK$9.5 and maintained its "buy" rating.
The research house said CSP management reiterated its guidance of high-single-digit
growth in equity throughput for 2019, driven by (1) globalisation led by ongoing M&As, (2)
synergy with shipping alliances such as OCEAN Alliance, M2 +THE Alliance, and its parent,
and (3) enhancing its controlling stake in terminal assets.
CSP announced plans to dispose of 3 domestic ports for CNY2.3bn, with a disposal gain of
US$76m. The deal is expected to be completed by the end of 2019. It also intends to
dispose of interests in Taicang Terminal and Jiangsu Petrochemical Terminal. Daiwa expects
optimisation of its terminal portfolio to lead to improvement in return on net assets in
2019, which stood at 6.3% in 2018. (KL)

Remark: Real time quote last updated: 25/11/2020 10:21
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