[ET Net News Agency, 22 January 2019] Daiwa Research lowered its target price for China
Merchants Port (CMP)(00144) to HK$19 from HK$20.5 and maintained its "buy" rating.
The research house revisited its growth assumptions for CMP and factor in the impact
from the Qianhai Land transaction after its discussion with management.
CMP expects to book a CNY3.15bn after-tax disposal gain from the Qianhai Land
transaction in 2019. Daiwa projected that if the deal is completed successfully in 2019,
the dividend yield for 2019 will be more than 10%.
For 2019, management guides for flattish growth at domestic ports on the uncertainty in
trading activities, and low-single-digit YoY growth at overseas ports. Daiwa lowered its
2019-20 throughput growth forecasts from 4.8/4.9% to 4.0/4.8%, respectively. (KL)
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00144 CHINA MER PORT
Nominal 
10.020 -0.040 (-0.398%) Others
22/01/2019 15:43
[I-bank focus]Daiwa lowers China Merchants Port to HK$19
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