SIPG’s 3Q In Line; Shares Remain Overvalued After the Recent Rally
Wide-moat Shanghai International Port Group’s, or SIPG’s, decent 34% growth in third-quarter net profit to CNY 1.4 billion was within our expectations. The result was helped by a 5.6% rise in container throughput and 10.9% dry bulk volume growth from a year ago, given the low base last year. This is in line with China’s export recovery, and reaffirms our view that port activity should have bottomed since second-half 2016. On a sequential basis, however, container throughput grew only 0.65%, desp...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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