Stock Track | COSCO SHIP ENGY Soars 5.16% Intraday on Strong Q1 Results and Goldman Sachs Target Price Upgrade

Stock Track04-29

COSCO SHIP ENGY's stock price soared 5.16% during intraday trading on Wednesday.

The significant rally was driven by the company's blockbuster first-quarter financial results. COSCO SHIP ENGY reported Q1 revenue of 7.303 billion yuan, representing a 26.9% year-over-year increase. More notably, net profit attributable to shareholders reached 2.173 billion yuan, surging 206.7% YoY to a record high for the period. The foreign trade oil transportation segment was a standout performer, posting gross profit of 2.241 billion yuan, which soared 317.6% YoY, benefiting from geopolitical events that drove freight rates higher.

Adding to the positive sentiment, Goldman Sachs raised its earnings forecasts for the company by 3% to 4% through 2028 and lifted its H-share target price from 29 to 30 HKD while maintaining a Buy rating. The investment bank highlighted that the VLCC super cycle is being driven by capacity tightness and industry consolidation, with COSCO SHIP ENGY positioned as a primary beneficiary.

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