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<Research Report>G Sachs Initiates COSCO SHIP HOLD at Sell, Reiterates Buy for CHINA MER PORT, COSCO SHIP PORT
Recommend 33 Positive 109 Negative 54 |
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Goldman Sachs initiated COSCO SHIP HOLD (01919.HK) at Sell to reflect its bearish view on container shippers, while estimating a decline in shippers' profits due to oversupply and lower shipping rate. Comparative, the broker favored the port industry on the back of its defensive model and continuous tariff hike, despite the downcycle of the wider shipping industry. The broker reiterated the Buy rating for CHINA MER PORT (00144.HK) and COSCO SHIP PORT (01199.HK), anticipating the two firms to enhance their pricing power and pass on inflation cost to shipping liners from next year, which would contribute to their defensiveness. The target prices for the two stocks were set at $13.5 and $6.9, respectively. AAStocks Financial News |
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