HSBC Global Research raised its target price for China Merchants Port (00144) to HK$23 from HK$22, and maintained its "hold" rating.
The research house said CM Port registered strong organic throughput growth year-to-date (+9% y-o-y), led by Pearl River Delta and Shanghai Port, and this drove its share price outperformance versus COSCO Shipping Ports (01199).
HSBC revised upwards its throughput growth and earnings forecasts for 2017-19, but it remains circumspect about its expensive acquisitions. It believes the cash proceeds from the recent disposal of CIMC (02039) will also be applied to greenfield investments or lowering debt rather than paying dividends.
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