SIPG’s Third Quarter Missed; Bank Investments Increase Earnings Outlook
Contrary to our expectation of an earnings rebound, wide-moat Shanghai International Port Group, or SIPG, saw its third-quarter net profit fall 39% to CNY 1.04 billion, from CNY 1.54 billion in the second quarter, despite sequential throughput improvement at both its container and dry-bulk terminals. The weak results show signs of sluggish manufacturing activity in China and soft global trade demand, along with competition from nearby port terminals. All this is adding pressure to handling rates...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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