Huatai Research initiated coverage on China Merchants Port (CMP)(00144) with a "buy" rating and a target price of HK$10.5.
The research house said CMP is a transnational port investor, developer, and operator, with a comprehensive global port network coverage. The company constantly reviews its existing port portfolio on performance and prospects and maximizes returns via reinvestment in higher-return assets.
Huatai thinks its domestic ports contribute solid earnings, while its overseas investments could be a new growth engine in the long run. Despite the demand disruption in
1H due to COVID-19, Huatai thinks CMP's underlying fundamentals are strong, supported by its global presence and reinvestment strategy.
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