CSET Issues Negative Profit Warning on Weak Freight Rates and Rising Costs; FVE Cut to HKD 3.58
No-moat Cosco Shipping Energy Transportation, or CSET, guided that the firm will record a net loss of CNY 235 million-CNY 305 million for first-half 2018, versus net profit of CNY 865 million a year ago. Although our earnings forecasts are below consensus estimates, the guidance remains disappointing and we are cutting our 2018-19 earnings forecast by 11%-19% to factor in the falling freight rates and rising costs. With the addition of the depreciation of the Chinese yuan, we reduce our fair val...
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