Cosco Ship Energy 1138 (former China Shipping Development)

[winston]

vested

<Result Ann>CHINA SHIP DEV Interim Net Profit Up 118.4% to RMB1.851B

CHINA SHIP DEV (01138.HK) announced the interim result of 2016.

Net profit surged 118.4% yearly to RMB1.851 billion; EPS was 45.9 fen.

No interim dividend was declared.

Source: AAStocks Financial News

[winston]

vested

2016 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2016

Financial Highlights

Turnover decreased by 0.29% to approximately RMB5,315 million

Operating costs decreased by 7.58% to approximately RMB3,491 million

Profit for the period attributable to owners of the Company was approximately RMB1,851 million

Basic earnings per share was RMB0.4590

http://www.hkexnews.hk/listedco/listcon ... 291038.pdf

[winston]

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<Resumption Ann>COSCO SHIP ENGY: Arm Added to US Treasury Sanctions List

COSCO SHIP ENGY (01138.HK) announced that market rumours had it that a subsidiary of the Company has been added to the sanctions list of the US.

The Company, after making enquiries, noted that Dalian Tanker, a direct wholly-owned subsidiary of the Company, has been added to the Specially Designated Nationals List by the Office of Foreign Assets Control of the US Department of the Treasury (OFAC).

COSCO SHIP ENGY is comprehensively organizing its various businesses, assessing the relevant impact, and conducting various response work.

The company applied for a trading resumption with effect from this morning.

Source: AAStocks Financial News

[winston]

not vested

<Research Report>CICC Trims COSCO SHIP ENGY (01138.HK) TP to $4.8, Rated Outperform

Some clients of COSCO SHIP ENGY (01138.HK) have shifted to other oil tankers after the company's subsidiary was put on the US sanctions list, CICC mentioned in its report.

Coupled with rising freight charges due to worry over tightening carrier capacity, CICC viewed that instabilities of the company remain.

The broker maintained H/ A shares of the company at Outperform with profit forecast unchanged.

Yet, the target prices of H/ A shares were trimmed by 25% and 17% to HK$4.8 and RMB7.76, owing to affected investors' risk appetite.

Source: AAStocks Financial News

[winston]

not vested

Jan 31, 2020

U.S. Treasury Removes Chinese Tanker Operators From Blacklist

Restriction tied to Iranian trade was applied to Cosco Group businesses in September

“There has been panic that oil shipments will slow down big time, which is not true. As for the Cosco tankers it will take time before they will be up and running.”

Source: Wall Street Journal

https://www.wsj.com/articles/u-s-treasu ... 1580493706

[winston]

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January 14, 2020

Is COSCO SHIPPING Energy Transportation Co., Ltd.’s (HKG:1138) High P/E Ratio A Problem For Investors?

Net debt totals a substantial 120% of COSCO SHIPPING Energy Transportation’s market cap. This level of debt justifies a relatively low P/E, so remain cognizant of the debt, if you’re comparing it to other stocks.

COSCO SHIPPING Energy Transportation’s P/E is 14.2 which is above average (10.6) in its market. Its meaningful level of debt should warrant a lower P/E ratio, but the fast EPS growth is a positive. So it seems likely the market is overlooking the debt because of the fast earnings growth.

Source: Simply Wall St

https://simplywall.st/stocks/hk/energy/ ... investors/

[winston]

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<Research Report>BofAS Lifts COSCO SHIP ENGY (01138.HK) TP to $5.85; Rated Buy

BofA Securities retained COSCO SHIP ENGY (01138.HK) at Buy, seeing oil tanker impact from the OPEC+ price war.

Despite the COVID-19 epidemic, the broker raised COSCO SHIP ENGY's target price from $5.5 to $5.85.

The broker foresaw increasing tanker storage demand to back average very large crude carrier (VLCC) rates at US$45,000/ day in 2020, up 10% YoY.

Source: AAStocks Financial News

[winston]

not vested

Mar 30, 2020

<Result Ann>COSCO SHIP ENGY Annual NP Surges 454.2% to RMB414M; Final DPS RMB0.04

COSCO SHIP ENGY (01138.HK) announced the 2019 results.

Net profit surged 454.2% yearly to RMB414 million, with an EPS of 10.26 fen.

A final dividend of RMB0.04 was declared.

Source: AAStocks Financial News

[winston]

not vested

May 4, 2020

COSCO Shipping Energy (1138 HK): Solid 1Q20, Stronger 2Q20; but Much Has Been Priced In

Riding on the sharp rally in VLCC rates, Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK) (CSET) posted an impressive 46.9% YoY growth in profit in 1Q20.

We expect 2Q20 will be even stronger for this name due to sustained high rates on floating crude oil storage demand.

However, we are cautious that:
1.) astronomical VLCC rates may not sustain for long;
2.) it may not be able to fully capture all upside;
3.) VLCC supply will emerge once dust are settled;
4.) lackluster oil demand will mean significant rate retreat in the next two years; and
5.) EPS and ROE dilution from non-public A-share issuance.

In a month’s time, CSET rallied 82% from super-undervalued to now 1SD above historical average P/B, we think taking profit is now a prudent move.

Source: Smart Karma

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COSCO SHIPPING Energy Transportation Co., Ltd., an investment holding company, engages in the shipment of oil, liquefied natural gas (LNG), and chemicals along the coast of the People's Republic of China and internationally.

It operates through Oil Shipment and Others segments.

The company also engages in the chartering of vessels; shipment of liquefied petroleum gas; and provision of shipping agency services.

As of December 31, 2019, it owned 151 oil tankers with a total capacity of 21.71 million deadweight tons (DWT), including 142 self-owned oil tankers with a capacity of 19.25 million DWT, 9 chartered-in oil tankers with a capacity of 2.46 million DWT, and 17 oil tankers with a capacity of 3.04 million DWT; and 38 jointly-invested LNG vessels, which includes 35 LNG vessels in operation with an aggregate capacity of 5,900,000 cubic meters and 3 LNG vessels under construction with an aggregate capacity of 522,000 cubic meters.

The company was formerly known as China Shipping Development Company Limited and changed its name to COSCO SHIPPING Energy Transportation Co., Ltd. in October 2016.

The company was founded in 1994 and is headquartered in Shanghai, the People's Republic of China. COSCO SHIPPING Energy Transportation Co., Ltd. is a subsidiary of China Shipping Group Company Limited.