CSET Reports Weak 1Q Results on the Back of Falling Freight Rates and Rising Fuel Costs
No-moat Cosco Shipping Energy Transportation, or CSET, reported a first-quarter 2018 net loss of CNY 84.9 million under PRC GAAP, a sharp fall from net profit of CNY 563 million a year ago. The results were largely in line with our expectations but below the market, and we see chances of more downward revisions for consensus estimates. We retain both our earnings forecasts, which remain below consensus, and our fair value estimate of HKD 4.00 per share. We think CSET is fairly valued at present,...
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