Core Viewpoint - Goldman Sachs reports that China COSCO Shipping Holdings (601919) maintains a cautiously optimistic outlook on long-term freight rates due to over 25% of existing cargo ships being over 20 years old and needing to be scrapped between 2028 and 2030, alongside strong cargo volume growth, particularly on Southeast Asia, Europe, and Africa routes [1] Group 1: Financial Performance - The net profit forecast for 2025 to 2027 has been raised by 25% to 46%, reflecting better-than-expected third-quarter earnings and the delayed imposition of port fees between China and the U.S. [1] - The target price for H-shares has been increased from HKD 11.5 to HKD 12.5, while the target price for A-shares has been raised from RMB 14.7 to RMB 16, maintaining a "Neutral" rating [1] Group 2: Market Trends - Management noted a rebound in spot freight rates in October, driven by Black Friday and the anticipated tariffs on Chinese goods, which led to early shipments [1] - The strong performance in third-quarter earnings is attributed to excellent freight rates, particularly due to the high proportion of intra-Asia routes and better cost control compared to peers [1]

Core Viewpoint - Goldman Sachs maintains a cautiously optimistic outlook on the long-term freight performance of China COSCO Shipping Holdings Co., Ltd. (中远海控), citing the need to retire over 25% of existing cargo ships aged over 20 years between 2028 and 2030, alongside strong growth in freight volumes, particularly on Southeast Asia, Europe, and Africa routes [1] Group 1: Financial Performance - The net profit forecast for 2025 to 2027 has been raised by 25% to 46%, reflecting better-than-expected earnings in the third quarter and the delayed collection of port fees between China and the U.S. [1] - The target price for H-shares has been increased from HKD 11.5 to HKD 12.5, while the target price for A-shares has been raised from RMB 14.7 to RMB 16, maintaining a "neutral" rating [1] Group 2: Market Trends - Management noted a rebound in spot freight rates in October, driven primarily by Black Friday and the anticipated U.S. tariffs on Chinese goods, which led to early shipments [1] - The strong performance in the third quarter is attributed to excellent freight rates, particularly due to the high proportion of intra-Asia routes and better cost control compared to peers [1]

Core Viewpoint - Goldman Sachs reports that China COSCO Shipping Holdings maintains a cautiously optimistic outlook on long-term freight rates due to over 25% of existing cargo ships being over 20 years old and needing to be scrapped between 2028 and 2030 [1] Group 1: Industry Outlook - The management highlights strong growth in cargo volume, particularly on routes in Southeast Asia, Europe, and Africa [1] - There is a noted rebound in spot freight rates in October, driven by Black Friday and the anticipated tariffs on Chinese goods leading to early shipments [1] Group 2: Financial Performance - The third-quarter earnings exceeded expectations, attributed to strong freight performance, especially in Asia routes, and better cost control compared to peers [1] - Based on the performance, net profit forecasts for 2025 to 2027 have been raised by 25% to 46%, reflecting better-than-expected third-quarter earnings and delays in port fees between China and the U.S. [1] Group 3: Target Price Adjustments - The target price for H-shares has been increased from HKD 11.5 to HKD 12.5, while the target price for A-shares has been raised from CNY 14.7 to CNY 16 [1] - The rating remains at "Neutral" [1]