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<Research>Daiwa Cuts COSCO SHIP PORT (01199.HK) TP to $5.7 on Steady Recovery from Bottom
Recommend 3 Positive 3 Negative 2 |
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COSCO SHIP PORT (01199.HK) will see moderate growth in its FY2024 throughput compared to the same period of 2023, Daiwa issued a research report saying. The Company's 2M24 total throughput increased by 11% YoY. The strong growth in throughput was due to the impact from the lower base in 2023. As for the macro environment and the slow economic recovery in Europe, Daiwa expected global trading activities to remain sluggish. Daiwa expected a single-digit growth in COSCO SHIP PORT's 2024 earnings, and lowered its EPS forecasts for FY2024 to FY2025 by 3-5%. Daiwa also cut its target price from $6.3 to $5.7 accordingly. Daiwa said that the parent company of the Group increased its stake in the Company to support the share price, and kept rating at Buy on the Company due to its low valuation and attractive dividend yield. AAStocks Financial News |
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