Report
Chokwai Lee
EUR 100.00 For Business Accounts Only

CSET’s 2018 Results Missed; Positive Outlook Ahead, Raising FVE to HKD 4.20

No-moat Cosco Shipping Energy Transportation’s, or CSET’s, 2018 net profit of CNY 75 million was below our expectations. The significant fall in earnings from CNY 1.77 billion a year ago was largely due to weakening freight rates, increasing fuel costs and lower government subsidies. Despite that, CSET’s share price has risen close to 30% since September 2018 because of the recovery in freight rates in the fourth quarter of 2018. While we think the improvement in freight rates is partly because ...
Underlying
COSCO SHIPPING Energy Transportation Co. Ltd. Class H

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Chokwai Lee

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