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<Research>JPM Elevates COSCO SHIP ENGY (01138.HK) TP to $24 as 'Black Swans Compound' Boosts VLCC Profitability
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JPMorgan published a report titled 'Black swans compound upgrading COSCO SHIPPING ENERGY (600026.SH)'s A-shares from Neutral to Overweight, while keeping rating at Overweight for COSCO SHIP ENGY (01138.HK)'s H-shares. The broker shifted its valuation method from PB ratio to PE ratio, and applied a 15x/ 21x 2026 target PE ratio for H-/ A-shares. Therefore, JPMorgan elevated its target prices for COSCO SHIP ENGY's H-/ A-shares from $12/ RMB13 to $24/ RMB28, as three structural shocks (Iran, tightening of compliant capacity and market consolidation) reset the profitability of VLCCs, placing them at a higher level. AASTOCKS Financial News Website: www.aastocks.com |
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