CICC: Raises COSCO SHIP PORT (01199) target price to HKD 6.16, with first-half performance exceeding expectations.
Considering that this year's one-time gains and the revenue growth per container for the next two years are expected to exceed forecasts, the bank has raised its 2026/2027 net profit estimates by 21.69% and 5.2% to $398 million and $370 million, respectively.
CICC released a research report stating that COSCO SHIP PORT (01199) performed better than the bank's expectations in the first half of the year, mainly due to the company's confirmation of a one-time rebate income of $54 million in the second quarter. Considering the one-time income this year and the anticipated growth in revenue per container for this year and next, the bank has raised its net profit forecasts for 2026 and 2027 by 21.69% and 5.2% to $398 million and $370 million respectively. It maintains an "outperform industry" rating and, excluding the impact of the one-time income in 2026, raises the target price by 8.45% to HK$6.16.
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