Core Viewpoint - Daiwa maintains a "Buy" rating for China COSCO Shipping Holdings (01919) but has adjusted the earnings per share (EPS) forecast for last year down by 1% due to preliminary performance [1]. Group 1: Earnings Forecasts - EPS forecasts for 2024 and 2025 have been raised by 11% to 17% [1]. - The dividend payout ratio forecast has been increased from 30% to 40% [1]. - The target price has been adjusted from HKD 9.6 to HKD 10 [1]. Group 2: Market Conditions - The management expects a slight decline in freight rates for European routes, while rates for American routes may increase [1]. - The company is in a favorable negotiating position due to ongoing discussions regarding contract rates in the U.S. and unresolved geopolitical issues in the Red Sea, particularly given the fragility of logistics supply chains [1]. - Despite some container shortages in the market, management believes there will be no operational impact and anticipates a quarter-on-quarter improvement in gross margin for the first quarter of this year [1].
大和：维持中远海控(01919)“买入”评级 目标价升至10港元