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<Research>HSBC Research Lowers COSCO SHIP ENGY's TP to HKD8; Rating Downgraded to Reduce
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COSCO SHIP ENGY's (01138.HK) (600026.SH) H-shares snowballed by 32% in September thanks to a 95% surge in very large crude carrier freight rates, according to a report from HSBC Global Research. However, the broker expects freight rates to ebb, since the recent surge was triggered by China's restocking and shifts in crude oil flows rather than by fundamental demand. Consequently, it is expected to reach a balance as supply gradually recovers. COSCO SHIP ENGY's rating was downgraded from Hold to Reduce, with a target price cut from HKD8.5 to HKD8. AAStocks Financial News |
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