大行评级|花旗:预计下季航运费率进一步上升 重申中远海控“买入”评级

Big Bank Rating | Citibank: Shipping Rates Expected to Rise Further Next Season Reiterates COSCO Maritime Control's “Buy” Rating

Gelonghui Finance ·  May 21 13:19
Glonghui, May 21 | Citi released a report saying that the long-awaited trans-Pacific agreement allows carriers to turn Red Sea disturbances into a catalyst for net profit from this year to the first half of next year. Towards the peak season in the third quarter, shipping rates are expected to rise further due to tight short-term capacity supply but recovery in demand; however, Red Sea disruptions are not a powerful tool for shippers, as new capacity will be supplied one after another for the next two years. The bank claims that the current valuation of COSCO Marine Holdings is equivalent to 0.9 times the predicted market account ratio, with room to rise. The target price is HK$14, and reaffirms the “buy” rating. The average freight rates of carriers in the Asia-Pacific region covered by the bank are expected to rise 20% this year, and fall by 14% and 8% respectively in the next two years; this means that the average return on core equity of the covered carriers between 2024 and 2026 is 11%, 3%, and 1%, respectively.

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