[ET Net News Agency, 16 November 2018] Deutsche Bank lowered its target price for COSCO
Shipping Holdings (CSH)(01919) to HK$4.2 from HK$4.4 and maintained its "buy" rating.
The research house reduced its earnings forecasts for 2018 to RMB1bn (from RMB1.2bn) and
also trimmed its 2019/20's (i.e. RMB2.0/2.9bn vs. RMB2.8/3.7bn respectively), factoring in
a weaker trade outlook.
However, it continues to be positive on this sector and expects rates to trend up on
falling new supplies and rising industry discipline. DB expects earnings to recover in the
next 12 months. (KL)