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<Research>CICC Elevates COSCO SHIP HOLD TP by 15% to $11.5, Raises Earnings Forecasts
Recommend 16 Positive 32 Negative 9 |
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COSCO SHIP HOLD (01919.HK)'s 1Q24 results were in line with CICC's expectation, CICC issued a research report saying. As freight rate rose in off season, the Company's earnings and dividend recorded certainty incline. Dividend yield is expected to be better than previously expected, with sufficient booked cash for the Company, and emerging investment value. Due to the recent rise in freight rates, CICC raised its 2024/ 2025 earnings forecasts by 49%/ 15.7% to RMB22.1 billion/ RMB15.3 billion, assuming a dividend yield of 8.2% for H-shares under a 50% dividend rate. The report kept rating at Outperform on COSCO SHIP HOLD's H-shares. Considering that supply and demand may still be under pressure after 2025, CICC elevated its target price for COSCO SHIP HOLD's H-shares by 15% to $11.5, which corresponds to the projected PE ratio for 2024/ 2025 of 7.4x/ 10.7x, respectively. AAStocks Financial News |
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