Investment Rating - The investment rating for COSCO SHIPPING Energy Transportation is Overweight, with an industry view of In-Line [4][18]. Core Insights - COSCO Shipping Group plans to increase its stake in CSEA by 1.1-2.2% over the next six months, with a total investment of Rmb679 million to Rmb1,358 million, funded through own funds and special loans [2][3]. - The share repurchase is expected to positively impact share prices, with active positive return-to-investment (RTI) expectations for CSE-A and CSE-H [3]. - The current trading price of CSE-A is above 1x price-to-book (P/B) ratio, complicating share repurchase decisions for state-owned enterprises (SOEs) [3]. Financial Metrics - Price target for COSCO SHIPPING Energy Transportation is HK$11.10, representing a 33% upside from the current price of HK$8.37 [4]. - Market capitalization is Rmb55,086 million, with an enterprise value of Rmb80,571 million [4]. - Projected revenue growth from Rmb21,912 million in FY 2023 to Rmb25,379 million by FY 2026 [4]. - Earnings per share (EPS) expected to increase from Rmb0.70 in FY 2023 to Rmb1.21 in FY 2026 [4]. - Dividend yield projected to rise from 5.2% in FY 2023 to 7.9% in FY 2026 [4]. Valuation Methodology - Target price-to-book (P/B) multiples are set at 1.2x for the base case, 1.7x for the bull case, and 0.8x for the bear case [6]. - The stronger-than-expected spot market has increased confidence in the tanker bull cycle [6][7].
摩根士丹利：中远海运_母公司将以自有资金和专项贷款增持CSE-A股权