CSP’s Decent 1Q in Line; Port Operation Continues to Improve
No-moat Cosco Shipping Ports’, or CSP’s, decent first-quarter results reveal an accelerating port operation, driven by strong throughput volume growth with benefits from global trade recovery, and the recently formed Ocean Alliance. The company’s core profit rose 63% year over year to USD 61 million in the first quarter, on the back of a decent 16% throughput volume growth from a year ago. This is in line with our expectation, and we maintain both our earnings forecasts and fair value estimate o...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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