China Merchants Port Holdings Sees a Decent 2017 With Improving Port Operation; FVE Maintained
No-moat China Merchants Port’s sound 2017 result, with recurring profit rising 9.7% to CNY 6.0 billion, came in slightly above our expectations, driven by a stronger-than-expected 7.4% year-over-year growth in container throughput. This is in line with China’s export recovery, and it reaffirms our view that port activity should have bottomed since second-half 2016. Despite the decent growth in 2017, we maintain no change to our assumptions of low-single-digit organic volume growth in 2018 and 20...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.
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