CSET’s 2017 Results Aided by Government Subsidies, Near-Term Challenges Remain
No-moat Cosco Shipping Energy Transportation, or CSET, reported 2017 net profit of CNY 1.77 billion, up 49% year over year. However, excluding the higher-than-expected government subsidies, earnings trailed our expectation due to weak freight rates and increasing fuel costs. We reduce our fair value estimate to HKD 4.00 from HKD 4.40, taking into account the disappointing results and higher capital expenditures. Though we expect improving tanker market conditions by 2020, the firm will continue ...
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