share_log

高盛:首予中远海控沽售评级 重申买入招商局港口及中远海运港口

Goldman Sachs: First sale rating for COSCO Marine Holdings reaffirms buying China Merchants Port and COSCO Shipping Port

Moomoo 24/7 ·  Dec 2, 2022 07:03

Goldman Sachs published a report and gave COSCO Marine Holdings a sales rating for the first time, saying that it is not optimistic about the container shipping industry, and it is expected that due to oversupply and falling freight costs, the shipping company's profits will also record a decline. The bank predicts that the adjusted freight level of COSCO Marine Control's fuel expenses will peak this year and fall by 46%, 26% and 21% respectively over the next three years. Meanwhile, unit costs will grow at a rate of 2% per year. It predicts that the company's EBIT profit margin will gradually fall from 43% this year to 15%, 4% and 11% loss from 2023 to 2025, giving a target price of HK$6.8. In contrast, Goldman Sachs is more optimistic about the defensive capabilities of the port industry, believing that although the shipping market is in a downward cycle, tariffs will continue to rise. Goldman Sachs reiterated the purchase ratings for China Merchants Port and COSCO Shipping Port, giving the latest target prices of HK$13.5 and HK$6.9 respectively.


Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
Comment Comment · Views 355
Write a comment

Statement

This page is machine-translated. Moomoo tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.