Credit Lyonnais upgrades profit forecast of China Shipping Development

Credit Lyonnais said after acquiring 20 oil tankers from parent by issuing A shares, China Shipping Development (1138) will see 20% growth in incomes. So Credit Lyonnais upgraded the profit forecast of the company by 26% and 23% each for 2001 and 2002. The target price of China Shipping Development is set at HK$2. Compared with HK$1.54, the closing price in the morning session, there is still 30% head space for the share price of the company.

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