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12/11/2019 17:18

{I-bank focus}Goldman cuts China Mer Port (00144) to HK$17.2

[ET Net News Agency, 12 November 2019] Goldman Sachs lowered its target price for China
Merchants Port (CMP)(00144) to HK$17.2 from HK$18.2 and maintained its "buy" rating.
The research house said CMP's operations remained steady in 3Q, with port volume rising
3% given limited US-China volume exposure and resilient Europe-China trades.
Looking into next year, the company maintains its guidance of steady volume and ASP.
Given the ongoing trade frictions, they believe the relocation of value chains and
manufacturing plants from China to Southeast Asia is a structural trend, but the change
will likely be gradual and take time.
Goldman said at a time when the market is uncertain about earnings growth, attractive
dividend yield (7.9% FY2019 at current share price) could provide downside support and
appeal to investors looking for stability. Goldman also fine-tuned its FY2019-21 core
earnings by less than 2% factoring in 3Q operating data, the company's steady outlook and
latest fx. (KL)

Remark: Real time quote last updated: 06/12/2019 17:59
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