CSET’s 2016 Preliminary Results Trail Our Expectations; Fair Value Estimate Maintained
No-moat Cosco Shipping Energy Transportation’s, or CSET’s, 2016 net income is expected to increase by 48%-72% to CNY 1.8 billion-CNY 2.1 billion. The results trail our 2016 earnings estimate of CNY 2.6 billion. Management attributed the earnings growth to disposal of its dry bulk shipping business, government subsidies, and effective cost control measures. We are maintaining our earnings forecasts and fair value estimate of HKD 3.70 for the company, pending more detailed information from its fin...
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