GLONGHUI, Oct. 11 | Goldman Sachs published a report stating that COSCO Marine Holdings announced preliminary results. Net profit for the first nine months of this year fell 77% year-on-year to 22 billion yuan, which means that net profit for the third quarter fell 83% year-on-year (down 42% from quarter to quarter) to 5.5 billion yuan. Considering that freight rates may be declining, I believe the market will react negatively to this performance. The bank lowered the company's target price from HK$6.6 to HK$6.5 to maintain its “sell-sell” rating. Meanwhile, Goldman Sachs lowered the company's earnings forecasts for 2023-2024 by 7%, respectively, to 1.6 yuan and 0.54 yuan, respectively, to reflect lower freight rates and higher fuel cost expectations.