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HSBC pointed out that the third quarterly recurring profit of COSCO PACIFIC (01199.HK)  +0.040 (+0.395%)    Short selling $591.80K; Ratio 1.458%   increased 8% to US$87 million year-on-year, which was 4% lower than estimates. The strong terminal business performance was offset by a weak leasing business. HSBC lowered the projected earnings of Cosco Pacific in 2014 to 2016 by 4%. It also expected the CAGR of the company in 2014 to 2016 will be 11%. The target price of Cosco Pacific was dropped from $13.1 to $12.5, maintaining the rating of Overweight.

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