Cosco Shipping Holdings (01919) rose by over 4%, as of the time of publication, it increased by 3.99% to 12 Hong Kong dollars, with a trading volume of 92.0321 million Hong Kong dollars.
According to the Wise Finance APP, Cosco Shipping Holdings (01919) rose by over 4%, as of the time of publication, it increased by 3.99% to 12 Hong Kong dollars, with a trading volume of 92.0321 million Hong Kong dollars.
On the news front, Cosco Shipping Holdings released its performance for the first three quarters of 2024, with a revenue of 174.737 billion yuan (RMB, the same below), a year-on-year increase of 29.80%; net income attributable to shareholders of listed companies was 38.124 billion yuan, a year-on-year increase of 72.73%. In the third quarter alone, revenue reached 73.513 billion yuan, an increase of 72.00% year-on-year; net income attributable to shareholders of listed companies was 21.254 billion yuan, a significant increase of 285.70% year-on-year.
Deutsche Bank believes that despite short-term fluctuations in spot freight rates due to seasonal factors, the downward cycle in the shipping industry is expected to continue over the next two years. They have downgraded their rating on Cosco Shipping Holdings to 'shareholding.' The report stated that the company's net income in the third quarter of this year increased by 286% year-on-year to 21.3 billion yuan. Excluding one-off items, recurring profits increased by 289% year-on-year, in line with preliminary performance. Deutsche Bank estimates that ooil's Orient Overseas International subsidiary contributed $1.2 billion in the third quarter, accounting for approximately 37% of the division's profits, holding steady with the first half. The bank also believes that Cosco Shipping Holdings' third-quarter performance will mark the peak of this year's profits.