Goldman Sachs: Cuts Zhongyuan Shipping's (01199.HK) target price to 5.3 Hong Kong dollars, first quarter profits exceed expectations.

According to the Wiseco Finance APP, Goldman Sachs released a research report stating that China Merchants Port (01199.HK) saw a 33% year-on-year increase in net profit in the first quarter, while a 4% decline quarter-on-quarter, performing better than expected, mainly driven by the overseas performance of the group. The bank raised its forecast for the group's European port throughput volume, and also raised its net profit forecast for the years 2025 to 2027 by 1 to 2%. After adjusting the market value of the listed assets, the target price was lowered from 5.4 Hong Kong dollars to 5.3 Hong Kong dollars, and a "buy" rating was maintained.