Noncore Investments Drove a Decent First Half for SIPG, While Net Loss at Soccer Club Is a Drag
Wide-moat Shanghai International Port Group’s, or SIPG’s, decent 15.6% growth in first-half net profit to CNY 3.4 billion was within our expectations, and also reflects 24% sequential growth in the second quarter. The result was helped by recovery in the company’s core port operations, as well as a CNY 1.1 billion investment gain from its noncore financial assets. However, the net loss at the Shanghai SIPG soccer club widened to CNY 573 million from CNY 20.5 million in 2016. This raised our conc...Shanghai International Port (Group) Co., Ltd. is a China-based company principally engaged in port related businesses. The Company's main businesses include container business, bulk cargo business, port-related logistics and port services. The Company operates its businesses primarily in domestic market.
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