SIPG’s First Quarter Missed on Higher Costs; Core Operation Improved.
Wide moat-rated Shanghai International Port Group’s, or SIPG’s, first quarter slightly missed our expectation, with net profit declining 6% to CNY 1.14 billion. The shortfall was mainly attributable to a higher-than-expected spend on its Shanghai SIPG soccer club, which added CNY 227 million in administration costs from a year ago, a rise of 49.6%. Although this is expected to be a one-off expense related possibly to the club’s recent splurge on foreign players, it’s difficult to say that it won...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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