COSCO Shipping Ports' 2018 Results Above Expectations; Share Attractive
No-moat-rated COSCO Shipping Ports’ 2018 performance well exceeded our expectations with revenue jumping 57.6% year over year and recurring net profit up 42.9%. CSP benefited from increased visits from COSCO group and Ocean Alliance vessels, which we expect will be sustained, leading to an average 20% increase in our forecast profit for CSP. The bottom-line jump was helped by the first full year of contribution from Qingdao Port International and its Spanish terminals. As a result, we see CSP’s...Cosco Shipping Ports is an investment holding company. Through its subsidiaries, Co. is principally engaged in the businesses of managing and operating terminals, container leasing, management and sale, and their related businesses. Co. is organized into the following operating segments: terminals and related businesses including terminal operations, container handling, transportation and storage; and container leasing, management, sale and related businesses.
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