Morningstar - COSCO SHIPPING Ports Limited (01199) CSPs 1Q Results Disappoint; Lowering FVE to HKD 9.30

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Morningstar

Jennifer Song

EUR 100.00 For Business Accounts Only

CSP's 1Q Results Disappoint; Lowering FVE to HKD 9.30

We lower our fair value estimate for no-moat Cosco Shipping Ports to HKD 9.30 from HKD 9.80 following a disappointing first quarter that missed our expectations. We think the miss is largely attributable to lower-than-expected handling tariffs, due to an unfavorable throughput mix, with lower-valued transshipment volume outpacing overall throughput growth. Weâ€™re reducing our full-year tariff assumption to a 3% decline from the original forecast of a flat tariff. Accordingly, we lower our full-ye...

26/04/2019 12 EN

Underlying

COSCO SHIPPING Ports Limited

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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BMG2442N1048 Hong Kong Stock Exchange Bermuda

Provider

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.

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Analysts

Jennifer Song

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Morningstar

Morningstar | CSP's 1Q Results Disappoint; Lowering FVE to HKD 9.30

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Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

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CSP's 1Q Results Disappoint; Lowering FVE to HKD 9.30

COSCO SHIPPING PORTS reduced its risk exposure resulting in an upgrade to Slightly Positive

Cosco Shipping Ports Limi: 2 directors bought/maiden bought

Morningstar | CSP's 1Q Results Disappoint; Lowering FVE to HKD 9.30

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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