UOB Kay Hian released a research report stating that COSCO SHIP HOLD (01919) reported a 55% year-on-year decline in Q3 2025 net profit to RMB 9.5 billion. However, the performance still exceeded expectations due to resilient freight rates and cargo volume growth. The recent rebound in freight indices and the suspension of port fees between China and the U.S. are expected to support Q4 2025 earnings. Despite potential oversupply risks in 2026, the company's strong net cash position (accounting for 63% of market cap) should provide flexibility to navigate a downturn. The rating was upgraded to "Hold," with the target price raised from HK$12 to HK$14.54.