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COSCO Shipping Holdings reported a core profit of 16.5 billion yuan for the first half of the year, accounting for 79% of the market ‘s full-year forecast and 239% of Citigroup ull-year forecast, the bank said in a research note.
This means that COSCO Shipping’s core earnings for the second quarter reached 9.38 billion yuan, up 32% from the previous quarter, which was a pleasant surprise for the bank. Notably, the China Containerized Freight Index (CCFI) fell by about 14% QoQ in the same period.
Citigroup maintained its Buy rating and a target price of HK$8.2 on the shipping giant. The broker expected these preliminary results to have a positive impact on the share price.