Lowering CMP's FVE to HKD 20.50; Shares Attractive for Long-Term Investors
Following higher assumed interest costs on the back of raised capital expenditure, we lower our fair value estimate on no moat rated China Merchants Port, or CMP, to HKD 20.50 from HKD 22.00. This follows an around 15% reduction in our net profit forecast. Nevertheless, we remain positive on the outlook for CMP as we think it is building a potentially attractive global terminal portfolio and CMP will benefit from additional handling capacity and higher operating efficiency after development and ...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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