＜Research＞G Sachs Adds COSCO SHIP HOLD (01919.HK) TP to $8, Keeps Rating at Sell

　　Asia-Europe route freight rate fell WoW last week, the first time since mid-April, Goldman Sachs released a research report saying.

　　The latest data from the Shanghai Shipping Exchange's SCFI also shows that the comprehensive index dropped by 2% WoW. Of which, the long-haul routes to the US West Coast and East Coast sagged by 6% and 1% each, while the Europe route increased by 4%.

　　Goldman Sachs reiterated rating at Sell for COSCO SHIP HOLD (01919.HK) -0.240 (-2.105%) Short selling $39.88M; Ratio 11.200% , based on industry feedback suggesting that overall container freight rates may be close to its peak, and rising expectations on the possibility of a resolution to the Red Sea disruption may induce further profit taking of the market.

　　According to the latest freight rate forecast, Goldman Sachs raised its 2024/ 2026 adjusted net profit forecasts for COSCO SHIP HOLD by 67%/ 21% each, and reduced its 2025 net loss forecast by 37%. The broker also added its target price from $7.6 to $8.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-15 16:25.)