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<Research>M Stanley Tweaks Down COSCO SHIP ENGY's TP to HKD12, Estimates Tight Supply to Support Earnings Next Yr
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Morgan Stanley has published a report maintaining an Overweight rating on COSCO SHIP ENGY (01138.HK) and cutting its target price from HKD13 to HKD12. While market concerns about existing shipping disruptions may gradually fade, Morgan Stanley still expects crude oil tanker earnings to remain resilient next year and thus recommends buying COSCO SHIP ENGY at a low price. In addition, although industry data suggests that global tanker capacity and demand will grow by 2.2% and 1% YoY respectively next year, Morgan Stanley stressed that the actual supply balance remains tight. It is expected that crude oil tanker demand will grow by 0.9% YoY, while supply will increase by only 0.7%, particularly for very large crude carriers, where supply and demand are even tighter. AAStocks Financial News |
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