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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  COSCO Shipping Energy Transprtatn Co Ltd    600026   CNE000001BD6

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Xu Lirong to Chair China Cosco Shipping Group

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01/05/2016 | 05:36am CEST
   By Joanne Chiu 
 

China's State Council approved the establishment of China Cosco Shipping Group Ltd. as the merged grouping for the nation's two biggest shipping groups.

The move comes after China in December approved the merger of China Ocean Shipping (Group) Co., or Cosco Group, and China Shipping (Group) Co.. Beijing is attempting to overhaul its state-owned businesses, with the aim of creating bigger and stronger companies that can better compete abroad.

Xu Lirong, the chairman of China Shipping (Group), has been appointed chairman of China Cosco Shipping Group, according to statements posted by the two groups on their websites Monday. Mr. Xu is a shipping veteran and served in senior positions at Cosco for more than 30 years before joining China Shipping (Group) as president in 2011. He was promoted to chairman in 2013.

Cosco Group Executive Vice President Wan Min will become president of China Cosco Shipping Group.

The proposed merger, which is subject to shareholder approval, involves combining Cosco and China Shipping's listed container-shipping operations to create the world's fourth-largest container-shipping line. It also covers other overlapping business divisions that include port operations, commodities and oil shipping.

Write to Joanne Chiu at [email protected]

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Financials ( CNY)
Sales 2017 9 946 M
EBIT 2017 1 720 M
Net income 2017 1 102 M
Debt 2017 22 977 M
Yield 2017 1,53%
P/E ratio 2017 23,75
P/E ratio 2018 21,68
EV / Sales 2017 4,57x
EV / Sales 2018 4,36x
Capitalization 22 462 M
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Mean consensus HOLD
Number of Analysts 9
Average target price 6,47  CNY
Spread / Average Target 0,92%
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Managers
NameTitle
Jia Kang Sun Chairman
Xiu Ling Chen Member-Supervisory Board
Yu Ming Luo Member-Supervisory Board
Wu Sheng Wang Independent Non-Executive Director
Ji Hong Chen Member-Supervisory Board
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Sector and Competitors
1st jan.Capitalization (M$)
COSCO SHIPPING ENERGY ..-6.02%3 273
AP MOLLER-MAERSK13.31%38 880
BOLLORÉ22.36%13 287
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HAPAG-LLOYD AG19.00%4 793
ORIENT OVERSEAS (INTER..63.92%4 224
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