CSET’s Preliminary 2018 Results Trail Expectations on Weak Freight Rates, Shares Overvalued
No-moat Cosco Shipping Energy Transportation, or CSET, guided that 2018 net profit will decline by 92%-97% year over year to CNY 50 million to CNY 150 million. The results were below our earnings forecast of CNY 327 million. That said, we think the results were still commendable given that it has reversed from first nine-month’s net loss of CNY 268 million, implying a fourth-quarter 2018 net profit of CNY 318 million to CNY 418 million. We have already factored in stronger fourth quarter results...
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