Glonghui, April 7 | Goldman Sachs published a research report stating that COSCO Offshore's profit last year was in line with expectations. During the period, net profit fell 78% to 23.9 billion yuan, which meant that net profit for the previous quarter was 1.8 billion yuan, down 85% year-on-year, and 68% quarterly. The bank mentioned that the group's container transportation business only achieved break-even in the last quarter. Management also emphasized that the company's strategic focus will be on supply chain services, and South America may be a promising market. The bank raised the Group's 2024 and 25 net profit forecasts by 108% and 3%, respectively, to reflect increases in spot freight and contract freight rates, but the increase in costs due to the interruption of Red Sea Freight partially offset this impact. The bank raised the company's target price from HK$6.7 to HK$6.8, maintaining the “sell and sell” rating.