Drewry Maritime Equity Research - Cosco Shipping Ports Limited (1199) COSCO SHIPPING Ports Limited

Report

Ankush Kathuria

COSCO SHIPPING Ports Limited

On 30 March 2021, COSCO SHIPPING Ports Limited reported its FY20 financial results. Despite recovery in volumes during 2H20, the company was unable to cover the ground it lost in 1H20. As a result, in FY20 the company’s equity throughput declined 3.1% to 38.5 mteu. Following the broader trend in throughput, top line also declined by 2.6% in FY20, despite a robust bounce back in 2H20. EBITDA declined 2.4%, translating into a slightly improved margin of 30.8% (vs 30.7% in FY19). Given the increase in global bond yields and resurgence in COVID-19 cases across the US and Europe, we plan to revise both - the company’s rating and its fair value - in our next detailed review.

31/03/2021 1 EN

Underlying

Cosco Shipping Ports Limited

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Provider

Drewry Maritime Equity Research

Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

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Analysts

Ankush Kathuria

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