The Zhitong Finance App learned that Goldman Sachs released a research report stating that it maintained the COSCO Maritime Control (01919) “sale and sale” rating and raised the 2024 and 25 net profit forecasts by 108% and 3% respectively to reflect the increase in spot freight and contract freight rates, but the cost increase caused by Red Sea freight disruptions partially offset this impact, and the target price was raised from HK$6.7 to HK$6.8.
According to the report, the company's profit last year was in line with expectations. During the period, net profit fell 78% to RMB 23.9 billion, which meant that net profit for the previous quarter was 1.8 billion yuan, down 85% year on year, and 68% quarterly. The bank mentioned that the group's container transportation business only achieved break-even in the last quarter. Management also emphasized that the company's strategic focus will be on supply chain services, and South America may be a promising market.