Overseas Expansion Will Continue to Drive China Merchants Port's Throughput Growth
China Merchants Port, or CMP, will reflect a one-off land appreciation gain of HKD 3.6 billion and boost the company’s 2019 net profit to HKD 9.3 billion, but this has little impact to its core port operation and our fair value estimate of HKD 22 per share is unchanged. The planned land restructure in Shenzhen’s Qianhai area is in response to a government-led initiative to address the city’s urban planning, and CMP will exchange its land in Qianhai area, which composes about 55% of its total lan...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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