[ET Net News Agency, 23 April 2018] UBS Global Research lowered its target price for
China Merchants Port (CMP)(00144) to HK$21.6 from HK$28.8, and reiterated its "buy"
rating.
The research house thinks market concerns on tariff cuts, a China-US trade war and
uncertainties about the overseas expansion strategy are overdone, especially after share
price fell 20% after the NDRC's first tariff cut on 15 November 2017.
HPH Trust's 1Q 2018 result last Friday provided evidence of the limited impact of the
tariff cut. UBS remains confident that a tariff hike beyond 2018 and volume impact from a
potential China-US trade war would be small and that overseas will be a major profit
growth driver in the next five years. A 7.2% dividend yield in 2018 looks attractive.
In addition, CMP's listed assets contributed 123% of CMP's market cap, indicating
negative NAV contribution from unlisted assets. (KL)
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00144 CHINA MER PORT
Nominal 
12.180 +0.240 (+2.010%) Others
23/04/2018 17:11
[I-bank focus]UBS lowers China Mer Port (00144) to HK$21.6
| Remark: | Real time quote last updated: 19/09/2024 12:02 |
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