China Merchants Port’s First-Half Missed, Cut Fair Value to HKD 26.00 on Worsening CIMC
We lower our fair value estimate for China Merchants Port, or CMP, to HKD 26.00 from HKD 28.00, following the company’s worse-than-expected first-half 2016 results, with net profit declining 39% year over year, to HKD 1.7 billion. The shortfall is mainly attributed to an exceptional net loss at its 23% owned associate China International Marine Containers, or CIMC. While port operation is also slightly softer than we anticipated, making up 45% of our full-year forecast, we see a moderate 5%-6% t...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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