CICOF - Cosco Shipping shares jump on expecting robust growth in Q1 profit

As industry rebounds, China’s Cosco Shipping (CICOF) shares surge on bullish profit forecast - WSJ.The company expects Q1 net profit of RMB15.41B or $2.3B vs. $44M year ago.Chen Shuai, deputy managing director at Cosco Shipping said,  "That inventory levels at U.S. retailers remain low. The $1.9 trillion relief plan recently signed by President Biden will trigger restocking, boosting imports"Global trade has rebounded rapidly from the early stage of the pandemic, with China and other Asian manufacturing countries grabbing a bigger slice of exports including masks and bicycles—market share they are expected to keep after the public-health crisis fades.Freight rates have surged Y/Y, with shipping groups reaping the benefits of earlier capacity cuts combined with stronger-than-expected demand. And while the recent Suez Canal blockage has created huge logistical issues, but hasn’t spoiled that positive picture.For 2020, the company recorded a revenue growth of 49% Y/Y to RMB14.42B and a net profit +22% Y/Y to RMB2.13B.

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Cosco Shipping shares jump on expecting robust growth in Q1 profit