Despite CSET’s Strong 1Q Results, We Expect Earnings to Fall in Subsequent Quarters
No-moat Cosco Shipping Energy Transportation, or CSET, reported first-quarter 2017 net profit of CNY 563 million under PRC GAAP, up 3% year over year. The earnings accounted for 38% of our full-year estimate but we expect weaker earnings ahead as declining oil tanker freight rates will depress the firm’s margin. As such, we are keeping both our earnings forecasts and fair value estimate of HKD 3.92 per share unchanged. We see limited upside for CSET’s share price as freight rates are likely to r...
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