[ET Net News Agency, 14 January 2020] Goldman Sachs raised its target price for China
Merchants Port Holdings (CMPH)(00144) by 1% to HK$17.3 and maintained its "buy" rating.
The research house said China's 11-month 2019 throughput volume grew 5% ahead of
aggregate 1% volume growth at CMPH's China portfolio, helped by faster growth from the
other smaller domestic ports due to the low base in FY2018.
The impact of the US/China trade war appears to have been somewhat absorbed by CNY
depreciation and service re-routing by the shipping liners, with volume stabilization in
recent months.
Looking into 2020, CMPH expects a more stable operating environment, with low
single-digit % volume growth (i.e., China: flat to up low-single digit %; overseas: +mid
single-digit %). Management also highlighted the potential risk that it may run into
insufficient retained earnings at the holding company to maintain attractive dividend
payout (as it commits to distributing 40% of its earnings). (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00144 CHINA MER PORT
Nominal 
10.020 -0.040 (-0.398%) Others
14/01/2020 17:38
{I-bank focus}Goldman tweaks China Merchants Port to HK$17.3
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