SIPG’s Strong 1Q Boosted by One-offs; Tariff Cuts Will Pressure 2018’s Earnings
Shanghai International Port Group’s, or SIPG’s, strong 45% growth in first-quarter net profit was mostly boosted by a one-off revaluation gain of its investment in Postal Savings Bank, while the recurring earnings remain largely flat, with container throughput rising 4% year over year in the quarter. This is in line with our expectations, suggesting the handling tariffs were still under pressure. We think the NDRC’s decision of 11%-33% handling tariff cuts on freight-trade cargos on seven major ...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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