M Stanley: COSCO SHIP HOLD Faces Ongoing Cyclical Pressure, Rated Underweight
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Morgan Stanley has rated COSCO SHIP HOLDas Underweight, citing ongoing cyclical pressure despite better-than-expected 1Q26 results. The company reported a net profit of RMB5.9 billion, down 49.7% YoY, influenced by rising bunker fuel prices. While freight rate hikes in April may offset cost inflation, the spot market is under pressure, and normalized fuel costs are expected. The decline in net profit for 2Q26 is anticipated to narrow due to a low base in 2Q25, but strong growth in global container shipping capacity in 2H26 will likely maintain cyclical challenges. The target price is set at HKD10.3.
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