reports
- Chokwai Lee
Morningstar | Dropping Coverage of Cosco Shipping Energy Transportatio...
We are dropping analyst coverage of Cosco Shipping Energy Transportation. We provide broad coverage of more than 1,500 companies across more than 90 industry groups and adjust our coverage as necessary based on client demand and investor interest.
- Chokwai Lee
Dropping Coverage of Cosco Shipping Energy Transportation
We are dropping analyst coverage of Cosco Shipping Energy Transportation. We provide broad coverage of more than 1,500 companies across more than 90 industry groups and adjust our coverage as necessary based on client demand and investor interest....
- Chokwai Lee
Morningstar | CSET’s Strong 1Q Results Underpinned by Higher Freight...
Despite a strong start for no-moat Cosco Shipping Energy Transportation’s, or CSET’s, first-quarter 2019 results, we think the firm is fairly valued and we keep our fair value estimate of HKD 4.20. First-quarter 2019 net profit of CNY 428.1 million under PRC GAAP was a sharp turnaround from a net loss of CNY 86.5 million a year ago. The results beat our expectation largely on the back of higher freight rates, accounting for 40% of our full-year estimate, but we maintain our earnings forecast...
- Chokwai Lee
Morningstar | CSET’s Strong 1Q Results Underpinned by Higher Freight...
Despite a strong start for no-moat Cosco Shipping Energy Transportation’s, or CSET’s, first-quarter 2019 results, we think the firm is fairly valued and we keep our fair value estimate of HKD 4.20. First-quarter 2019 net profit of CNY 428.1 million under PRC GAAP was a sharp turnaround from a net loss of CNY 86.5 million a year ago. The results beat our expectation largely on the back of higher freight rates, accounting for 40% of our full-year estimate, but we maintain our earnings forecast...
- Chokwai Lee
CSET’s Strong 1Q Results Underpinned by Higher Freight Rates; FVE Un...
Despite a strong start for no-moat Cosco Shipping Energy Transportation’s, or CSET’s, first-quarter 2019 results, we think the firm is fairly valued and we keep our fair value estimate of HKD 4.20. First-quarter 2019 net profit of CNY 428.1 million under PRC GAAP was a sharp turnaround from a net loss of CNY 86.5 million a year ago. The results beat our expectation largely on the back of higher freight rates, accounting for 40% of our full-year estimate, but we maintain our earnings forecast...
- Chokwai Lee
Morningstar | CSET’s 2018 Results Missed; Positive Outlook Ahead, Ra...
No-moat Cosco Shipping Energy Transportation’s, or CSET’s, 2018 net profit of CNY 75 million was below our expectations. The significant fall in earnings from CNY 1.77 billion a year ago was largely due to weakening freight rates, increasing fuel costs and lower government subsidies. Despite that, CSET’s share price has risen close to 30% since September 2018 because of the recovery in freight rates in the fourth quarter of 2018. While we think the improvement in freight rates is partly be...
- Chokwai Lee
Morningstar | CSET’s 2018 Results Missed; Positive Outlook Ahead, Ra...
No-moat Cosco Shipping Energy Transportation’s, or CSET’s, 2018 net profit of CNY 75 million was below our expectations. The significant fall in earnings from CNY 1.77 billion a year ago was largely due to weakening freight rates, increasing fuel costs and lower government subsidies. Despite that, CSET’s share price has risen close to 30% since September 2018 because of the recovery in freight rates in the fourth quarter of 2018. While we think the improvement in freight rates is partly be...
- Chokwai Lee
CSET’s 2018 Results Missed; Positive Outlook Ahead, Raising FVE to H...
No-moat Cosco Shipping Energy Transportation’s, or CSET’s, 2018 net profit of CNY 75 million was below our expectations. The significant fall in earnings from CNY 1.77 billion a year ago was largely due to weakening freight rates, increasing fuel costs and lower government subsidies. Despite that, CSET’s share price has risen close to 30% since September 2018 because of the recovery in freight rates in the fourth quarter of 2018. While we think the improvement in freight rates is partly be...
- Chokwai Lee
Morningstar | CSET’s Preliminary 2018 Results Trail Expectations on ...
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 resul...
- Chokwai Lee
CSET’s Preliminary 2018 Results Trail Expectations on Weak Freight R...
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 resul...
- Chokwai Lee
Morningstar | Cosco's Results Hit by Lower Freight Rates With Narrowin...
No-moat rated Cosco Shipping Energy Transportation’s cumulative nine-month 2018 net loss of CNY 268 million was below our forecast due to slower-than-expected recovery in freight rates. That said, we have recently seen recovery in tanker freight rates going into the seasonally strong fourth quarter. As such, we keep our fair value estimate at HKD 3.42. We believe Cosco's share price is still overvalued as we think it is still early to expect a sustained recovery in freight rates post the peak ...
- Chokwai Lee
Cosco's Results Hit by Lower Freight Rates With Narrowing 3Q Loss; Fai...
No-moat rated Cosco Shipping Energy Transportation’s cumulative nine-month 2018 net loss of CNY 268 million was below our forecast due to slower-than-expected recovery in freight rates. That said, we have recently seen recovery in tanker freight rates going into the seasonally strong fourth quarter. As such, we keep our fair value estimate at HKD 3.42. We believe Cosco's share price is still overvalued as we think it is still early to expect a sustained recovery in freight rates post the peak ...
- Chokwai Lee
Morningstar | CSET’s First-Half Results Hit by Lower Freight Rates; ...
No-moat-rated Cosco Shipping Energy Transportation’s, or CSET’s, first-half 2018 net loss of CNY 237 million was in line with the negative profit warning announced in July. Nonetheless, given that current tanker rates remain weak with no visible signs of improvement, we reduce our 2018-19 earnings forecasts by 22%-43%. As a result, our fair value estimate is cut to HKD 3.42 from HKD 3.58. We think upside for CSET’s share price is limited in the near term, as tanker rates are likely to rema...
- Chokwai Lee
Morningstar | CSET’s First-Half Results Hit by Lower Freight Rates; ...
No-moat-rated Cosco Shipping Energy Transportation’s, or CSET’s, first-half 2018 net loss of CNY 237 million was in line with the negative profit warning announced in July. Nonetheless, given that current tanker rates remain weak with no visible signs of improvement, we reduce our 2018-19 earnings forecasts by 22%-43%. As a result, our fair value estimate is cut to HKD 3.42 from HKD 3.58. We think upside for CSET’s share price is limited in the near term, as tanker rates are likely to rema...
- Chokwai Lee
CSET’s First-Half Results Hit by Lower Freight Rates; Cutting FVE to...
No-moat-rated Cosco Shipping Energy Transportation’s, or CSET’s, first-half 2018 net loss of CNY 237 million was in line with the negative profit warning announced in July. Nonetheless, given that current tanker rates remain weak with no visible signs of improvement, we reduce our 2018-19 earnings forecasts by 22%-43%. As a result, our fair value estimate is cut to HKD 3.42 from HKD 3.58. We think upside for CSET’s share price is limited in the near term, as tanker rates are likely to rema...
- Chokwai Lee
CSET to see strong earnings improvement after restructuring; still no ...
No-moat Cosco Shipping Energy Transportation, or CSET, guided that the firm will record a net loss of CNY 235 million-CNY 305 million for first-half 2018, versus net profit of CNY 865 million a year ago. Although our earnings forecasts are below consensus estimates, the guidance remains disappointing and we are cutting our 2018-19 earnings forecast by 11%-19% to factor in the falling freight rates and rising costs. With the addition of the depreciation of the Chinese yuan, we reduce our fair val...
- Chokwai Lee
Morningstar | CSET Issues Negative Profit Warning on Weak Freight Rate...
No-moat Cosco Shipping Energy Transportation, or CSET, guided that the firm will record a net loss of CNY 235 million-CNY 305 million for first-half 2018, versus net profit of CNY 865 million a year ago. Although our earnings forecasts are below consensus estimates, the guidance remains disappointing and we are cutting our 2018-19 earnings forecast by 11%-19% to factor in the falling freight rates and rising costs. With the addition of the depreciation of the Chinese yuan, we reduce our fair val...
- Chokwai Lee
Morningstar | CSET to see strong earnings improvement after restructur...
As one of China’s leading shipping conglomerates, Cosco Shipping Energy Transportation, or CSET, is now the world’s largest oil tanker company by shipping capacity. The company’s profitability improved significantly after a restructuring deal where the company disposed of its dry bulk shipping business, given the surging tanker freight rates and the low bunker prices. That said, the high cyclicality, low product differentiation, and weak pricing power of oil tankers lead us to assign a no-...
- Chokwai Lee
CSET Issues Negative Profit Warning on Weak Freight Rates and Rising C...
No-moat Cosco Shipping Energy Transportation, or CSET, guided that the firm will record a net loss of CNY 235 million-CNY 305 million for first-half 2018, versus net profit of CNY 865 million a year ago. Although our earnings forecasts are below consensus estimates, the guidance remains disappointing and we are cutting our 2018-19 earnings forecast by 11%-19% to factor in the falling freight rates and rising costs. With the addition of the depreciation of the Chinese yuan, we reduce our fair val...
- Chokwai Lee
- CFA
CSET Reports Weak 1Q Results on the Back of Falling Freight Rates and ...
No-moat Cosco Shipping Energy Transportation, or CSET, reported a first-quarter 2018 net loss of CNY 84.9 million under PRC GAAP, a sharp fall from net profit of CNY 563 million a year ago. The results were largely in line with our expectations but below the market, and we see chances of more downward revisions for consensus estimates. We retain both our earnings forecasts, which remain below consensus, and our fair value estimate of HKD 4.00 per share. We think CSET is fairly valued at present,...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.