JPMorgan has upgraded its rating for COSCO Shipping Energy Transportation's A-shares from 'neutral' to 'overweight,' according to Jin10. The report, titled 'Black Swan Overlap,' also maintains an 'overweight' rating for the company's H-shares. The valuation method has been revised from price-to-book ratio to price-to-earnings ratio, with target P/E ratios set at 15x for H-shares and 21x for A-shares this year. Consequently, the target price for H-shares has been doubled from HKD 12 to HKD 24, while the A-shares target price has been significantly increased from RMB 13 to RMB 28. This adjustment is attributed to three structural shocks—tensions with Iran, tightening of compliant shipping capacity, and market consolidation—that have enhanced the profitability of very large crude carriers, positioning them at a higher level.