[ET Net News Agency, 4 April 2018] Goldman Sachs lowered its target price for China
Merchants Port Holdings (CMP)(00144) to HK$23 from HK$25, and reiterated its "buy" rating.
The research house said CMP's FY2017 core net profit came in at HK$4.2bn, 13% below
Goldman's estimate. The miss mainly came from higher head office expense as well as port
operating cost booked in 2H 2017 which dragged down full-year EBITDA margin in the Pearl
River Delta (PRD) and Bohai Rim by 3-10ppt.
On results, Goldman cut its FY2018-19 earnings estimates for China ports by 8% mainly in
PRD and Bohai to factor in partial cost inflation (assuming less dredging in 2018/19) but
revised up overseas earnings by 14%-19% on better management guidance for newly acquired
assets. (KL)
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00144 CHINA MER PORT
Nominal 
10.300 +0.140 (+1.378%) Others
04/04/2018 15:07
[I-bank focus]Goldman cuts China Merchants Port to HK$23
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