CSET’s Weak 3Q Results Aided by Government Subsidy; Shares Fairly Valued
No-moat Cosco Shipping Energy Transportation’s, or CSET’s, cumulative nine-month 2017 net profit of CNY 1.2 billion was largely within our expectation. Although earnings accounted for 83% of our full-year forecast, we maintain our net profit estimate, as the third-quarter earnings were mainly boosted by a government subsidy. Stripping out the subsidy, CSET barely broke even in the third quarter, given that tanker freight rates remain weak amid oversupply of tonnage. On a positive note, we have r...
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