Daiwa: China COSCO Shipping (01919.HK) Continues to Face Cyclical Pressure, Rating "Reduce"

According to the Zhixun Finance and Economics APP, Morgan Stanley released a research report stating that China COSCO Shipping (01919.HK) performed better than expected in the first quarter of this year, possibly due to the rise in marine fuel oil prices in March causing a delay in cost recognition. The net profit for the period was 5.9 billion RMB, and the recurring profit was 5.86 billion RMB, a year-on-year decrease of 49.7%. The bank gave China COSCO Shipping a "reduce" rating with a target price of 10.3 HKD.