CSD’s First-Half Results Beat on Lower Bunker Costs and Disposal Gain; Raising FVE
No-moat China Shipping Development, or CSD, reported first-half 2016 net income of CNY 1.85 billion, up around 118% year over year. The earnings beat our forecast, primarily owing to lower bunker costs and a CNY 967 million gain on the disposal of its dry bulk business. We increased our 2016-18 earnings estimates by 42%-192%, owing to the one-off disposal gain and better margins due to lower fuel costs. In the longer term, we maintain our projections that overcapacity in the tanker industry will...
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