Ge Long Hui·2025-11-06 04:01Core Viewpoint - COSCO Shipping Holdings reported a 55% year-on-year decline in net profit for Q3, amounting to 9.5 billion yuan, but the performance exceeded expectations due to resilient freight rates and increased cargo volume [1] Group 1: Financial Performance - Q3 net profit decreased by 55% to 9.5 billion yuan compared to the previous year [1] - The performance was better than the bank's expectations, supported by resilient freight rates and growth in cargo volume [1] Group 2: Future Outlook - Recent recovery in freight indices and the suspension of port fees between China and the U.S. are expected to support profitability in Q4 2025 [1] - Despite the risk of oversupply in 2026, the strong net cash position (63% of market value) will allow COSCO Shipping Holdings to navigate downturns effectively [1] Group 3: Rating and Target Price - The bank upgraded the rating to "Hold" and raised the target price from 12 HKD to 14.54 HKD [1]