JPM: COSCO SHIP HOLD 1Q Net Profit In Line; Mgmt Says Effective Supply Much Tighter Than It Appears
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JPMorgan reported that COSCO SHIP HOLDachieved a net profit of RMB6 billion in 1Q, aligning with expectations. Management highlighted that effective supply is tighter than it seems due to disruptions absorbing 8-9% of global capacity. Freight rates are rebounding, with contract rates on trans-Pacific routes increasing YoY. The company is enhancing shareholder returns and has an Overweight rating with a target price of HKD21 for H shares and RMB22 for A shares.
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