SIPG’s Preliminary 2017 Result Beats on NonCore Investments, Maintain FVE of CNY 5.80 Per Share.
While wide moat-rated Shanghai International Port Group’s, or SIPG, preliminary 2016 results are above our expectations, with net profit increasing 4.4% to CNY 6.9 billion, the rise appears to be driven by its noncore activities. The result implies a sharp 42% year-over-year rebound in the fourth quarter to CNY 2.9 billion, compared with a 13% net profit decline in the first-three quarters, which we think should be mostly driven by higher-than-expected property sales, as well as investment incom...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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