On October 8, COSCO SHIP HOLD rose 3.12% in regular trading, trading at 16.86 HKD/share with turnover of 38.54 million HKD. Huatai Securities issued a research report raising the target price to 18.7 HKD and reiterating a Buy rating, acting as the primary short-term catalyst.

Huatai highlighted that while first-half net profit fell 23.48% year-on-year to 13.419 billion RMB, second-quarter net profit rose 29.11% year-on-year, driven by stronger-than-expected freight rate rebounds. Management expects freight rates to remain elevated in the third quarter.

The company also completed its A-share buyback program, repurchasing 50,017,457 shares at an average price of 15.10 RMB, with plans for share cancellation. BlackRock reduced its long position to 6.92% on October 1. The Marine sector showed mixed performance, with SITC down 1.02% and OOIL up 1.60%.

COSCO SHIP HOLD is principally engaged in container shipping services and related businesses, as well as terminal operations for container and bulk cargo.

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