SIPG's First-Quarter Results In Line; Maintain CNY 6.50 FVE
We maintain our fair value estimate of CNY 6.50 per share for wide-moat Shanghai International Port, or SIPG, following the company’s in-line first-quarter results. We made few change to our 2019 net profit forecast of CNY 9.5 billion, and we expect the company’s net profit to grow at a 4% CAGR in our 10-year explicit forecast period. Our wide moat and stable moat trend remain intact. We think the shares, currently trading at 2.3 times price/book, are slightly overvalued.SIPG’s container throug...
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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