China Merchants Port Holdings
We rate the stock as Neutral with a fair value of HKD 10.42 (upside: 3%). The stock of CMPorts started 2020 on a positive note after gaining confidence from the US-China trade deal. However, investor confidence waned as the coronavirus (COVID-19) took centre stage and the world seaborne trade witnessed sharp slowdown. The stock price declined ~30% before a report in the public domain deliberated that China Merchant Group (CMG) might take CMPorts private. This provided the much-needed support and CMPorts stock jumped back half way. However, due to lack of confirmation from either company, investors booked profits and the stock retracted. The stock is highly exposed to US-China trading relations, which have again deteriorated with the recent re-escalation of tensions. In this period of heightened political uncertainty, we believe investors should adopt a wait-and-see approach for a better entry point.China Merchants Port Holding is an investment holding company. Co.'s business operations includes: ports operation, which is comprised of container terminal operation, bulk and general cargo terminal operation; bonded logistics and cold chain operations, which is comprised of logistic park operation, ports transportation, cold storage and logistics operation and airport cargo handling; port-related manufacturing operation, which is comprised of container manufacturing; and other operations, which is comprised of property development and investment and construction of modular housing.
Drewry, since 1970, has been providing research and advisory services on the global Maritime and Shipping industries and has established itself as a firm with long history of credibility and expertise on various aspects of the maritime industry. Leveraging this in-depth market knowledge and understanding, we have extended our offering to deliver a unique, independent investment research service on globally listed companies operating in the maritime industry. Under the brand Drewry Maritime Equity Research and in accordance with the FCA, DMER led by Rahul Kapoor and his team, offers fundamental analysis on listed companies. DMER analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. By combining these market-leading resources with seasoned sector expertise and commercial awareness, we are able to offer a highly differentiated and comprehensive investment research service to prospective investors in listed maritime companies. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.
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