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| HSCEI1 | 7,906.11 | +43.89 | 74.19B |
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2026-11-02 11:58:36 HSBC Global Investment Research issued a research report stating that COSCO SHIP HOLD (01919.HK) delivered strong results in 3Q, with EBIT surging 128.1% QoQ to RMB20.1 billion. Container EBIT margin improved by more than 14 ppts QoQ to 28.8%, while the stock price jumped 8% after the results announcement. Management maintained a positive outlook for 4Q, citing healthy existing US orders, resilient demand and fully loaded export containers, which indicated slower turnover rather than weak orders. The broker said port congestion and a rebound in European freight rates led to a more moderate seasonal slowdown during the period. However, fuel and deployment costs offset part of the positive factors. Earlier European contract freight rates were slightly higher, which could provide a buffer when spot freight rates normalize. The broker maintained its forecast for freight rates to decline 19% YoY in 2027. It forecast COSCO SHIP HOLD's (01919.HK) 4Q EBIT at RMB13.8 billion, well above the market consensus of RMB7.6 billion. EBIT for 2H26 is forecast at RMB33.856 billion, while net profit is expected to reach RMB27.6 billion. The broker cut its 2026 EBIT forecast by 19% to RMB49 billion, which still remained about 14% above market expectations. Earnings forecasts for 2027-28 were broadly unchanged. Based on the downward revision in earnings forecasts, HSBC Global Investment Research lowered the TP for COSCO SHIP HOLD (01919.HK) from HKD18 to HKD17.6 and maintained a Hold rating.(gc/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |