CSCL (2866.HK) : UW(V): YES IT'S A LOSS EVEN IN 3Q13
汇丰银行(中国)有限公司2013-10-30
3Q13 recurring loss was RMB507m (annualised ROE of -8%); failed to break even despite s ubstantial increase in Asia-Europe route spit freight rates Our 2013 loss forecast widens to RMB2.6bn (from a loss of RMB1.2bn); we expect 2014 to be barely profitable Reiterate UW(V) and HKD1.4 TP; trading at 0.7x 2014e PB; OOIL is the only OW in the sector