G Sachs Raises COSCO SHIP ENGY 2026-2028 Earnings Forecast by 3%-4%, TP Up to HKD30
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G Sachs has raised its earnings forecast for COSCO SHIP ENGYfor 2026-2028 by 3%-4%, increasing the target price to HKD30 from HKD29. The company's 1Q results exceeded market expectations, with an adjusted net profit of RMB2.1 billion. The report highlights a shift in LR2 tankers to dirty oil transport, leading to higher freight rates. G Sachs maintains a Buy rating, citing a strong VLCC supercycle driven by tight capacity and industry consolidation, benefiting COSCO SHIP ENGY.
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