Morningstar - COSCO SHIPPING Ports Limited (01199) CSPs Strong 1H Slightly Beats; Raising FVE to HKD 9.80 on Capital Expenditure Cuts

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Morningstar

Jennifer Song

EUR 100.00 For Business Accounts Only

CSP's Strong 1H Slightly Beats; Raising FVE to HKD 9.80 on Capital Expenditure Cuts

No-moat Cosco Shipping Ports', or CSP's, decent first-half results reveal an accelerating port operation, driven by strong throughput volume growth with benefits from global trade recovery and the Ocean Alliance. The company's core profit rose 70% year over year to USD 169 million in the first half, on the back of strong 26.5% throughput volume growth from a year ago. This is slightly above our expectations, owing to stronger-than-expected throughput growth. We lift our earnings forecasts in 201...

30/08/2018 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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COSCO SHIPPING PORTS reduced its risk exposure resulting in an upgrade to Slightly Positive

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Morningstar | 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-year 2019 net profit forecast by 12% to USD 320 million, which also incorporates the one-off disposa...

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CSP's Strong 1H Slightly Beats; Raising FVE to HKD 9.80 on Capital Expenditure Cuts

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

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

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

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