Sequential Weakness in CSET’s 2Q Results Within Expectations, Shares Fairly Valued
No-moat Cosco Shipping Energy Transportation’s, or CSET’s, first-half 2017 net profit of CNY 865 million was within expectations and in line with management’s previous guidance of CNY 800-CNY 900 million. Although first-half earnings accounted for 58% of our full-year forecast, we retain our earnings estimate as we expect weaker earnings ahead as declining oil tanker freight rates continue to depress margin. We increase our fair value estimate to HKD 4.24 from HKD 3.92 to reflect the time value ...
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