[ET Net News Agency, 28 October 2020] Daiwa Research raised its target price for COSCO
Shipping Ports (CSP)(01199) to HK$6.2 from HK$6 and maintained its "buy" rating.
The research house said CSP'a 3Q net profit was up 22.2% to US$86m, driven by an 11%
expansion in revenue and 13% growth in the share of profit from JCE (jointly-controlled
entities) and associates.
Management attributed the revenue growth to EUR appreciation (positive impact of
US$5m) and increased share of long-haul cargo in 3Q. CSP sees sequential throughput
improvement in 4Q on a recovering China market.
Daiwa raised its 2020-22 net profit forecasts by 8-9% to reflect its adjusted volume and
margin assumptions. (KL)