COMEC (00317) saw its shares rise more than 3%. As of writing, the stock was up 3.04% to HK$15.23, with a turnover of HK$58.2209 million. The company previously issued a positive profit alert, forecasting a net profit attributable to owners of the parent company in the range of RMB 360 million to 430 million for the first quarter of 2026. This represents a year-on-year increase of 95.16% to 133.11%. It is also expected that the first-quarter net profit attributable to owners of the parent company after deducting non-recurring gains and losses will be between RMB 330 million and 390 million, a year-on-year increase of 85.44% to 119.16%. The primary reason is the accelerated delivery schedule of commercial vessels by its controlled shipyard, Huangpu Wenchong, and its affiliated shipyard, Guangzhou Shipyard International, leading to a faster release of profits. Analysis suggests that new shipbuilding prices have currently stabilized and are expected to enter a unilateral upward trend. The beginning of 2026 saw the tanker shipping market enter a historical super-cycle, with spot freight rates breaking historical highs and time charter rates fluctuating at high levels. This buoyant market sentiment is accelerating its transmission to the shipbuilding sector, and new orders are expected to be released more quickly. Against the backdrop of different ship types sharing shipyard capacity, the leading recovery in newbuilding prices for tankers is expected to drive the overall new shipbuilding price index upward, potentially leading to upward revisions in the long-term earnings forecasts for shipbuilders.
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