CMHI is poised to benefit from the consolidation trend in China's port industry.
We maintain our fair value estimate of HKD 26 for no-moat China Merchants Port, or CMP, following the company’s decent 7.6% year-over-year container throughput growth in the first 11 months of 2017, which was in line with our expectations. This is also in line with China export recovery, and reaffirms our view that port activity should have bottomed since second-half 2016. We maintain our full-year 2017 recurring profit forecast of HKD 4.7 million (or full-year net profit of HKD 5.5 million with...
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