Ge Long Hui A P P·2025-11-05 02:56Core Viewpoint - Daiwa's report indicates that China COSCO Shipping Holdings (中远海控) is expected to show stable operational performance in Q3 2025, providing substantial shareholder returns through buybacks and dividends. However, profit pressure is anticipated to increase in 2026, leading to a downgrade in rating from "Outperform" to "Hold" due to a lack of catalysts, weak profit outlook, and limited upside potential for the target price, which remains at HKD 14 [1] Group 1 - The Q3 2025 operational performance of China COSCO Shipping Holdings is robust, with significant shareholder returns expected through buybacks and dividends [1] - The rating has been downgraded from "Outperform" to "Hold" due to anticipated profit pressures in 2026 and a lack of catalysts for stock price movement [1] - The target price is maintained at HKD 14, reflecting limited upside potential [1] Group 2 - The earnings per share (EPS) forecast for 2025 has been raised by 18% to reflect better-than-expected Q3 performance [1] - EPS forecasts for 2026 and 2027 have been reduced by 23% to 47% based on adjustments in freight rates and cargo volume predictions [1]