UBS reported that the first-quarter net profit of Cosco seaborne port (1199.HK) increased by 3% year-on-year to US $75 million, equivalent to 18% of the forecast for the whole year. The bank takes a positive view on the increase in freight charges in the mainland and sees potential upside in freight charges. About 88% of the group's profits come from local ports, making it one of the main beneficiaries of higher freight rates in the mainland, with a slight increase in the target price from HK $7.95 to HK $7.98, with an attractive valuation and a "buy" rating. The bank said management was optimistic about the freight increase, as the average contract price rose 7% to 8% in the first quarter, which will bring additional profits for the rest of the year. The stock is now trading at HK $5.62, with a total market capitalization of HK $18.6 billion.
大行评级 | 瑞银:微升中远海运港口(1199.HK)目标价至7.98港元 评级“买入”
Big Bank rating | UBS: slightly raise the target price of Cosco Maritime Port (1199.HK) to HK $7.98 "buy"
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
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