The Zhitong Finance App learned that COSCO Marine (01138) rose more than 7%. As of press release, it had risen 7.4% to HK$8.71, with a turnover of HK$110 million.
According to the news, COSCO Haineng recently announced its 2023 annual results. The group obtained a turnover of RMB 21.912 billion (same unit), an increase of 18.02% over the previous year; profit attributable to the company's equity holders was 3.349 billion yuan, an increase of 129.23% over the previous year; and plans to pay a final dividend of 35 points per share.
Everbright Securities pointed out that benefiting from the continued upward trend in the industry, the company's performance increased dramatically in 23 years and maintained a high dividend ratio to give back to shareholders. The bank is optimistic that the oil transportation industry's boom cycle will continue. Supply rigidity will be prominent in the next 2-3 years. Obstruction of traffic in the Red Sea will contribute to an increase in effective capacity, and high freight rates during peak season are worth looking forward to.