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JPM: COSCO SHIP HOLD 1Q NP In Line; Mgmt: Effective Supply Much Tighter Than It Appears
2026-05-05 11:29:51
JP Morgan said in a research report that COSCO SHIP HOLD (01919.HK) delivered solid 1Q26 results, with net profit of RMB6 billion, broadly in line with the broker's expectations. Management struck a positive tone on the industry outlook at the results briefing, noting that the market's focus on headline supply growth is missing the real story while overlooking that about 8-9% of global capacity has been absorbed due to disruptions, making industry effective supply is much tighter than it appears.

The broker believed the company's performance reflects positive industry momentum ahead of the peak season, while it is also focused on enhancing shareholder returns. The broker maintained an Overweight rating, with a TP of HKD21 for COSCO SHIP HOLD H shares and a TP of RMB22 for COSCO SHIPPING (601919.SH) A shares.
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