Goldman Sachs believes that some ports in the western Mediterranean are already congested, while India and Latin America may become new drivers of demand, and there is a risk that freight rates will rise next quarter.
The Zhitong Finance App learned that Goldman Sachs released a research report stating that it gave COSCO Maritime Control (01919) a “sell and sell” rating, reducing net profit from 2024 to 2026 by 8% to an increase of 13%, and slightly increasing the target price to HK$6.9. The company's net profit for the first quarter was 6.8 billion yuan, a significant improvement from 1.8 billion yuan in the fourth quarter of 2023, but it was still slightly lower than the 7.1 billion yuan in the same period last year, in line with market expectations and management's guidelines for profits to remain basically flat. Looking ahead, the bank believes that some ports in the western Mediterranean are already congested, while India and Latin America may become new drivers of demand, and there is a risk that freight rates will rise next quarter.