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    1919   CNE1000002J7

COSCO SHIPPING HOLDINGS CO., LTD.

(1919)
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Cosco Shipping Shares Jump to Highest Level in More Than a Decade

06/10/2021 | 12:52am EDT

By Clarence Leong

Cosco Shipping Holdings Co.'s shares jumped to their highest level in more than a decade on Thursday, extending steep gains this year on expectations of high container-shipping rates amid strong demand and a lingering ship bottleneck in southern China.

Cosco's Hong Kong-listed shares on Thursday surged by as much as 14% to above HK$19, a level last seen in 2008. The stock has risen by more than eightfold in the past 12 months. The company's Shanghai-listed shares hit their daily maximum limit, rising 10% to CNY25.03.

Ports in southern China have faced worsening congestion in recent weeks as authorities imposed stricter Covid-19 measures after detecting asymptomatic cases of the virus in the region.

Shipping giant A.P. Moeller-Maersk AS said recently that it expects delays of two weeks or more at China's Yantian port, while growing ship bottlenecks could delay the arrival of tens of thousands of containers destined for North America.

Container spot rates have increased in nine out of the past 10 weeks, according to a recent report by U.S. investment bank Jefferies, which added that the U.K. is also affected by a bottleneck.

Shipping rates may continue to set new records in the short term, CSC Financial said in a report Wednesday. The Chinese investment bank forecast Cosco's net profit to rise to 77.5 billion yuan ($12.13 billion) this year, more than seven times 2020 profit. CSC raised its target price on Cosco's A-shares to CNY38 from CNY28.

Other shipping companies' shares have also risen in afternoon Hong Kong trading. Orient Overseas (International) Ltd. is up 4.3%, taking year-to-date gains to 91%, while Pacific Basin Shipping was last 10% higher and more than doubling for the year.

Write to Clarence Leong at clarence.leong@wsj.com

(END) Dow Jones Newswires

06-10-21 0252ET

Stocks mentioned in the article
ChangeLast1st jan.
A.P. MØLLER - MÆRSK A/S -1.17% 17290 Delayed Quote.28.83%
COSCO SHIPPING HOLDINGS CO., LTD. -8.49% 11.42 End-of-day quote.59.63%
CSC FINANCIAL CO., LTD. -7.22% 7.58 End-of-day quote.-26.41%
DJ INDUSTRIAL -0.24% 35058.52 Delayed Quote.14.56%
ORIENT OVERSEAS (INTERNATIONAL) LIMITED -10.34% 127.5 End-of-day quote.64.52%
PACIFIC BASIN SHIPPING LIMITED -3.65% 2.9 End-of-day quote.98.63%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.20% 6.51 Delayed Quote.0.43%
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Financials
Sales 2021 282 B 43 329 M 43 329 M
Net income 2021 76 371 M 11 738 M 11 738 M
Net cash 2021 40 073 M 6 159 M 6 159 M
P/E ratio 2021 2,05x
Yield 2021 4,43%
Capitalization 254 B 39 034 M 39 065 M
EV / Sales 2021 0,76x
EV / Sales 2022 0,76x
Nbr of Employees 29 379
Free-Float 49,4%
Chart COSCO SHIPPING HOLDINGS CO., LTD.
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COSCO SHIPPING Holdings Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends COSCO SHIPPING HOLDINGS CO., LTD.
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Last Close Price 9,55 CNY
Average target price 15,45 CNY
Spread / Average Target 61,7%
EPS Revisions
Managers and Directors
Zhi Jian Yang General Manager & Executive Director
Li Rong Xu Chairman
Yan Meng Member-Supervisory Board
Liang Yee Yang Independent Non-Executive Director
Jian Ping Zhang Member-Supervisory Board
Sector and Competitors