Cosco Ship Energy 1138 (former China Shipping Development)

Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Wed May 06, 2020 10:31 am

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<Result Ann>COSCO SHIP ENGY (01138.HK) 1Q NP RMB629M, Up 46.9%

COSCO SHIP ENGY (01138.HK) announced that based on China Accounting Standards, net profit ballooned 46.9% yearly to RMB629 million for the first quarter ended 31 March 2020.

EPS equaled 15.6 fen.

Source: AAStocks Financial News
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Thu May 07, 2020 7:20 am

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Cosco Shipping Energy funds fleet expansion

by Katherine Si | Mar 20, 2020

Cosco Shipping Energy Transportation has issued shares to raise fund for the purchase of 16 tankers.

The subscribers include Cosco Shipping, Dalian Shipbuilding Industry and Hudong Zhonghua Shipbuilding. Upon completion of the proposed non-public issuance of A shares, the company is expected to raise about RMB5.1bn.

The shares issue is aimed to further improve the company’s income and strengthen core competitiveness, said the company.

The fund will be used for the company’s fleet expansion including newly purchase fourteen oil tanker and payment of another two panamax tankers.

Cosco Shipping Energy Transportation owned and managed 151 oil tankers by the end of June 2019, is the largest tanker owner globally.

Source: Seatrade

https://www.seatrade-maritime.com/finan ... -expansion
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Thu May 07, 2020 2:57 pm

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BofAS Adds COSCO SHIP ENGY (01138.HK) TP to $6.2; Rated Buy

COSCO SHIP ENGY (01138.HK)'s 1Q20 net income of RMB600 million was above BofA Securities' expectation.

The broker raised its 2020 estimates on the firm to reflect the average 2020 VLCC rates of US$50,000/day.

The broker kept COSCO SHIP ENGY at Buy, lifting its target from $5.85 to $6.2.

Source: AAStocks Financial News
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Thu Jul 02, 2020 8:28 pm

China is storing an epic amount of oil at sea

China bought so much foreign oil at dirt-cheap prices this spring that a massive traffic jam of tankers has formed at sea waiting to offload crude, my CNN Business colleague Matt Egan reports.

As of June 29, China — the world's second-largest consumer of oil after the United States — had amassed 73 million barrels of oil on 59 different ships floating at sea off the country's northern coast, according to ClipperData, which tracks waterborne flows of crude oil in real-time.

Barrels arriving today would have been purchased in March and April when oil prices were melting down because of the pandemic. US crude crashed below zero on April 20 for the first time ever.

The latest: China's so-called floating storage — defined as barrels of oil on vessels waiting for seven days or longer — has nearly quadrupled since the end of May, according to ClipperData, hitting the most on record going back to early 2015.

Why it matters: The hoarding is a reflection of China's bargain-hunting at a time of extreme stress in the energy market, and underscores the long road back to more normal supply-and-demand dynamics.

"China went on a global buying binge," said Matt Smith, director of commodity strategy at ClipperData. "There is just this deluge of crude building up offshore."

Source: CNN
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Fri Jul 17, 2020 10:14 am

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COSCO SHIP ENGY (01138.HK) Sees 1H20 Profit RMB2.81-3.01B

COSCO SHIP ENGY (01138.HK) expects to record a net profit for the six months ended 30 June 2020 in the range of RMB2.81 billion to RMB3.01 billion, as compared to approximately RMB470 million net profit for the same period of 2019.

Source: AAStocks Financial News
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Fri Aug 28, 2020 9:04 am

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COSCO SHIP ENGY (01138.HK) Interim Net Profit RMB2.955B, Up 528%; Nil Div

COSCO SHIP ENGY (01138.HK) announced interim result ended June 2020.

The revenues rose 37% year on year to RMB9.669 billion.

The net profit amounted to RMB2.955 billion, up 528.2% yearly.

EPS was 67.19 fen. No dividend was declared.

Source: AAstocks.com
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Tue Oct 06, 2020 11:31 am

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Deep value emerging

Initiating coverage with BUY and HK$4.00 TP

Undemanding valuation of 0.4x P/BV with 9-10%/5-6% div yield in FY20F/FY21F respectively.

Tanker market should bottom out in 2H20; freight rates to trend higher in FY21F and drive re-rating

Pivot to LNG transportation and limited new crude oil/oil product vessels bodes well for medium-term

Source: DBS

https://researchwise.dbsvresearch.com/R ... hghjkfhgbh
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Tue Nov 03, 2020 11:00 am

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3Q20 net profit was in line with our below-consensus expectation

Earnings projections largely unchanged

Current valuation levels do not accurately reflect improving fundamentals

Maintain BUY with unchanged TP of HK$4.00

Source: DBS

https://researchwise.dbsvresearch.com/R ... iccikfhgbh
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Wed Apr 07, 2021 3:43 pm

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ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020

FINANCIAL HIGHLIGHTS

Revenues of the Group increased by approximately 19% to approximately RMB16,268 million

Profit for the year attributable to equity holders of the Company increased by approximately 475% to approximately RMB2,381 million

The basic and diluted earnings per share for 2020 were RMB52.00 cents and RMB51.96 cents respectively

https://www1.hkexnews.hk/listedco/listc ... 002442.pdf
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Re: Cosco Ship Energy 1138 (former China Shipping Developmen

Postby winston » Wed Feb 01, 2023 9:45 pm

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COSCO SHIP ENGY(1138)

Analysis:

According to the positive profit alert issued by COSCO SHIPPING ENERGY TRANSPORTATION (1138), the Group expects to record a net profit attributable to the equity holders of the Company for the year ended 31 December 2022 in the range of approximately RMB1.28 billion to approximately RMB1.58 billion, as compared to a net loss attributable to the equity holders of the Company of approximately RMB4.99 billion for the year ended 31 December 2021.

The turnaround is attributable to the significant change in international oil trade flow due to the conflict between Russia and Ukraine . The increase of oil shipping distance and the release of strategic petroleum reserve of the United States has greatly boosted tonne-mile demand during 2022.

Medium and small tankers, as the main beneficiaries of the oil trade flow switch, had a strong rate performance.

Very Large Crude Carrier (VLCC) freight rate started to recover and rose rapidly since the third quarter of 2022, owing to the improvement of the overall tanker market and the increase of long-haul voyages.

In terms of fleet size, the Group is the world`s largest oil tanker owner, covering all mainstream tanker types, and stands out globally with its complete type of vessels. (I do not hold the above stock)

Strategy:
Buy-in Price: $7.10, Target Price: $8.00, Cut Loss Price: $6.60

Source: Phillips
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