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<Research>G Sachs Upbeat About Airlines & Tankers in 2026, Cautious on Containers
Recommend 15 Positive 22 Negative 5 |
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Goldman Sachs has released a research report on the global transportation industry's outlook for 2026. In the aviation sector, despite risks related to Japan in 1H26, Goldman Sachs remains positive on aviation stocks and anticipates further upside potential for ticket prices. Its top picks are AIR CHINA (00753.HK) and CEA (600115.SH). Regarding container shipping, the recovery in supply has made the bank more cautious, with industry profit margins expected to compress. Meanwhile, the potential reopening of the Red Sea could pose further downside risks to release about 10% of effective capacity, which may lead COSCO SHIP HOLD (01919.HK) (601919.SH) into a cash-consuming state. As for crude oil tankers, Goldman Sachs remains optimistic and expects spot freight rates to rise further during the ongoing upward cycle in 2026, given that China's crude oil reserve process may last for a year, longer than the market's expectation of three months. The broker also projects the effective capacity to grow by only 1%. Given its larger exposure to the crude oil tanker and Chinese import market, COSCO SHIP ENGY (01138.HK) (600026.SH) is estimated to be the beneficiary. Stock | Investment Rating | Target Price (HKD) AIR CHINA (00753.HK) | Buy | 7.3 → 8.2 CHINA EAST AIR (00670.HK) | Buy | 3.7 → 5.1 CHINA SOUTH AIR (01055.HK) | Buy | 4.6 → 5.8 COSCO SHIP ENGY (01138.HK) | Buy | 8.8 → 10.8 COSCO SHIP PORT (01199.HK) | Buy | 6 → 6.8 CHINA MER PORT (00144.HK) | Neutral | 14.2 → 15.7 COSCO SHIP HOLD (01919.HK) | Neutral → Sell | 12.5 → 10.4 MEILAN AIRPORT (00357.HK) | Sell | 7.6 → 8.4 AAStocks Financial News |
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