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

Report

Ankush Kathuria

COSCO SHIPPING Ports Limited

On 27 October 2020, COSCO SHIPPING Ports Limited announced its 3Q20 operating results. Excluding Yangzhou and Zhangjiagang terminals, the company’s revenue increased 11.3% to USD 270mn representing strong growth in both: Greater China (+13.3% to USD 115.5mn) and overseas operations (+9.9% to USD 154.5mn). Presently, the company trade at an EV/EBITDA value of 9.5x (vs industry average of 10.1x). Given the resurgence in the COVID-19 across the US and Europe, we reiterate our ‘Neutral’ rating on the stock and will revise our fair value once the detailed financials are reported

28/10/2020 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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