[ET Net News Agency, 2 September 2019] Daiwa Research lowered its target price for
China Merchants Port Holdings (CMP)(00144) to HK$18 from HK$22 and maintained its "buy"
rating.
The research house said CMP's 1H results were lower than expected, but it sees them as
having factored in the negative impact of the China-US trade war. Hence, Daiwa sees CMP
remaining an attractive dividend player in the near term.
It cut its 2019-21 EPS forecasts by 15-17% due to the lower-than-expected 1H results.
Daiwa expects CMP to see a 10% decline in 2H recurring net profit, which would be a
steeper decline as compared with that in 1H due to an escalation in the China-US trade
war. (KL)