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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"

Gelonghui Finance ·  May 3, 2022 16:27
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.

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