Disposal Gain Drove Strong First Half for CMP; Core Port Operation Sees Tariff Pressure
China Merchants Port’s profit alert of 50%-plus year-over-year growth in its first-half net profit was well expected, largely driven by the CNY 3.88 billion one-off gain from the disposal of Shenzhen Chiwan Terminals. However, the preliminary result implies weak port earnings, despite decent 7% container throughput growth. We think the National Development and Reform Commission’s port tariff cuts at seven major terminals should pressure the company’s profitability, but the downside risk should b...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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