CMP Sees a Decent 2017 With Improving Port Operation; FVE Maintained at HKD 26.00
We maintain our fair value estimate of HKD 26 for no-moat China Merchants Port, or CMP, following the company’s decent 7.6% year-over-year container throughput growth in the first 11 months of 2017, which was in line with our expectations. This is also in line with China export recovery, and reaffirms our view that port activity should have bottomed since second-half 2016. We maintain our full-year 2017 recurring profit forecast of HKD 4.7 million (or full-year net profit of HKD 5.5 million with...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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