CSET’s First-Half Results Hit by Lower Freight Rates; Cutting FVE to HKD 3.42
No-moat-rated Cosco Shipping Energy Transportation’s, or CSET’s, first-half 2018 net loss of CNY 237 million was in line with the negative profit warning announced in July. Nonetheless, given that current tanker rates remain weak with no visible signs of improvement, we reduce our 2018-19 earnings forecasts by 22%-43%. As a result, our fair value estimate is cut to HKD 3.42 from HKD 3.58. We think upside for CSET’s share price is limited in the near term, as tanker rates are likely to remain pre...
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