[ET Net News Agency, 31 August 2020] Goldman Sachs lowered its target price for China
Merchants Port Holdings (CMPH)(00144) to HK$14.5 from HK$16 and maintained its "buy"
rating.
The research house said CMPH's 1H core net profit, excluding exceptional items in both
years, declined by 31% to HK$1.4bn due to lower contribution from port businesses, bonded
logistic operations, and less property booking from its other investment, Nanshan Group.
Factoring in lower profit from its financial investment and bonded logistic operation,
Goldman revised its FY2020-22 EPS forecasts for CMPH by -6% to -3%.
As with other port stocks, concern over supply disruption amid COVID19 drove a -32%
correction in CMPH's share price year-to-date. Barring a resurgence of viral cases,
Goldman suspects the worst is over and expects gradual volume recovery in the months
ahead. (KL)
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00144 CHINA MER PORT
Nominal 
10.360 +0.060 (+0.583%) Others
31/08/2020 17:51
{I-bank focus}Goldman cuts China Merchants Port to HK$14.5
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