Shanghai International Port's Core Operating Performance in Line; Fair Value Estimate Unchanged
We made minimal changes to our profit forecast for wide-moat Shanghai International Port following fourth-quarter core operating performance that was largely within our expectations. As a result, our fair value estimate remains unchanged at CNY 6.50. While the 2018 bottom line was short of our forecast, it is due to noncore non-operating income and this does not change our outlook for the firm. We think the shares are slightly overvalued presently. We estimate net income of 3.9% CAGR in our 10-y...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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