Cosco's Results Hit by Lower Freight Rates With Narrowing 3Q Loss; Fair Value Estimate Intact
No-moat rated Cosco Shipping Energy Transportation’s cumulative nine-month 2018 net loss of CNY 268 million was below our forecast due to slower-than-expected recovery in freight rates. That said, we have recently seen recovery in tanker freight rates going into the seasonally strong fourth quarter. As such, we keep our fair value estimate at HKD 3.42. We believe Cosco's share price is still overvalued as we think it is still early to expect a sustained recovery in freight rates post the peak se...
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