Core Viewpoint - CICC maintains the net profit forecast for China Merchants Port (00144) for 2025, introducing a new net profit estimate of HKD 7.7 billion for 2026, with current stock price corresponding to 8.2x and 8.0x P/E ratios for 2025 and 2026 respectively [1] Group 1: Financial Performance - The company's 1H25 performance was below expectations, with revenue of HKD 6.457 billion, up 11.4% year-on-year, and net profit attributable to shareholders of HKD 3.584 billion, down 19.5% year-on-year [2] - The decline in net profit was primarily due to reduced investment income from the associate Shanghai Port Group, which was affected by dilution from a share issuance by Postal Savings Bank [2] - Excluding this one-time non-operating loss, the company's core port business revenue and profit growth exceeded expectations, driven by higher throughput [2] Group 2: Operational Metrics - The company's domestic and overseas port throughput and profitability showed year-on-year growth, with controlled terminal container throughput up 11.3% and overall throughput for associated ports up 4.3% [3] - In specific regions, throughput growth was as follows: Pearl River Delta +10.2%, Yangtze River Delta +5.9%, Bohai Rim +0.1%, and overseas terminals +5.0% [3] - The company's port business profit increased by 11.7% year-on-year, with investment income from overseas ports rising by 38.0% [3] Group 3: Cost Management - The company achieved significant operational efficiency, with a year-on-year decrease in cost expenses due to optimized port operations and increased automation [4] - The gross profit margin for 1H25 was 51%, an increase of 2.9 percentage points year-on-year, while administrative expense ratio decreased by 0.8 percentage points [4] Group 4: Growth Potential - The company is optimistic about long-term growth potential from overseas terminal throughput, with significant increases in container throughput at overseas terminals, such as a 542.9% increase at Sri Lanka's HIPG terminal [5] - Upgrades to equipment at certain overseas terminals, like a 24.6% increase in throughput at West Africa's TCP terminal, are expected to drive business volume growth [5] - The company anticipates sustained high growth in overseas port business volume due to economic growth in port hinterlands and ongoing operational enhancements [5]

Core Viewpoint - CICC maintains the net profit forecast for China Merchants Port (00144) for 2025 while introducing a net profit estimate of HKD 7.7 billion for 2026, with the current stock price corresponding to 8.2 times the 2025 P/E ratio and 8.0 times the 2026 P/E ratio [1] Group 1: Financial Performance - The company's 1H25 performance was below expectations, with revenue of HKD 6.457 billion, a year-on-year increase of 11.4%, and a net profit of HKD 3.584 billion, corresponding to basic earnings per share of HKD 0.854, a decrease of 19.5% year-on-year [2] - The decline in net profit was primarily due to reduced investment income from the associate company Shanghai Port Group, which was affected by dilution of shareholding after a capital increase by Postal Savings Bank [2] - Excluding this one-time non-operating loss, the company's core port business revenue and profit growth exceeded expectations, driven by higher-than-expected throughput [2] Group 2: Operational Efficiency - The company achieved significant operational efficiency, with a year-on-year decrease in cost expenses, resulting in a gross profit margin of 51%, an increase of 2.9 percentage points [4] - Administrative expense ratio decreased by 0.8 percentage points, reflecting effective cost control measures [4] Group 3: Growth Potential - The company is optimistic about long-term growth potential from overseas terminal cargo volume, with significant increases in throughput at overseas terminals, such as a 542.9% increase at the Sri Lanka HIPG terminal [5] - The company is enhancing operational capabilities through the introduction of new container shipping routes and equipment upgrades at overseas terminals, contributing to business volume growth [5] - The overall container throughput for the company's controlled terminals increased by 11.3% year-on-year, with notable growth in the Pearl River Delta and overseas terminals [3]

Core Viewpoint - The report from CICC highlights that China Merchants Port's performance in the first half of the year was strong, with revenue of HKD 6.457 billion, a year-on-year increase of 11.4%, while net profit attributable to shareholders was HKD 3.584 billion, corresponding to basic earnings per share of HKD 0.854, a year-on-year decline of 19.5% [1] Group 1 - The overseas port business is expected to achieve long-term high growth due to the economic growth in overseas port hinterlands and the company's continuous operational empowerment [1] - CICC maintains the net profit forecast for 2025 and introduces a new net profit estimate of HKD 7.7 billion for 2026, with the current stock price corresponding to 8.2 times the 2025 price-to-earnings ratio and 8.0 times the 2026 price-to-earnings ratio [1] - The target price has been raised by 13.8% to HKD 16.5, based on the 2026 earnings valuation due to significant non-recurring losses expected in 2025 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 招商局港口控股有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00144 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 4,198,009,186 | | 0 | | 4,198,009,186 | | 增加 / 減 ...

Core Viewpoint - UBS reports that China Merchants Port (00144) experienced a 5% year-on-year decline in recurring net profit for the first half, which was below expectations, primarily due to a drop in profit contributions from Shanghai International Port Group, although it still reached approximately 51% of the full-year forecast [1] Group 1 - The management anticipates a low single-digit growth in port throughput for the full year [1] - Overseas port throughput is expected to continue to improve [1] - UBS maintains a "Buy" rating for China Merchants Port, slightly lowering the target price from HKD 17.5 to HKD 17.4 [1] Group 2 - The recurring net profit forecast for the year has been adjusted downwards by 1% [1]

Core Viewpoint - UBS reported that China Merchants Port (00144) experienced a 5% year-on-year decline in recurring net profit, which was below their expectations, primarily due to a decrease in profit contribution from Shanghai International Port Group, although it still reached approximately 51% of the annual forecast [1] Group 1: Financial Performance - The recurring net profit of China Merchants Port fell by 5% year-on-year [1] - The performance was lower than UBS's expectations, attributed to reduced profit contributions from Shanghai International Port Group [1] - Despite the decline, the profit still met about 51% of the annual forecast [1] Group 2: Future Outlook - Management anticipates low single-digit growth in port throughput for the year [1] - Overseas port throughput is expected to continue increasing [1] Group 3: Analyst Recommendations - UBS maintains a "Buy" rating for China Merchants Port [1] - The target price has been slightly reduced from HKD 17.5 to HKD 17.4 [1] - The forecast for recurring net profit for the year has been adjusted downwards by 1% [1]

Core Viewpoint - Huatai Securities reported that China Merchants Port's revenue for the first half of the year was HKD 6.46 billion, an increase of 11.4% year-on-year, while net profit was HKD 3.58 billion, a decrease of 19.5% year-on-year [1] Group 1: Financial Performance - Revenue for the first half of the year reached HKD 6.46 billion, reflecting an 11.4% year-on-year growth [1] - Net profit for the same period was HKD 3.58 billion, showing a year-on-year decline of 19.5% [1] Group 2: Future Outlook - Despite macroeconomic uncertainties, the company is expected to maintain stable performance in its core port operations in the second half of the year [1] - The long-term outlook remains positive due to the company's overseas terminal layout, which is anticipated to benefit from industry restructuring and drive steady growth in overall throughput [1] Group 3: Profit Forecast Adjustments - The company’s net profit forecasts for 2025 to 2027 have been revised down by 5%, 4%, and 4% respectively, to HKD 7.3 billion, HKD 7.86 billion, and HKD 8.51 billion [1] - The target price has been raised from HKD 15.6 to HKD 17.4 based on a 10 times price-to-earnings ratio for the fiscal year 2025, considering the growth potential from the overseas terminal layout [1]

Core Viewpoint - Huatai Securities reported that China Merchants Port's revenue for the first half of the year was HKD 6.46 billion, an increase of 11.4% year-on-year, while net profit was HKD 3.58 billion, a decrease of 19.5% year-on-year [1] Group 1: Financial Performance - Revenue for the first half of the year reached HKD 6.46 billion, reflecting an 11.4% year-on-year growth [1] - Net profit for the same period was HKD 3.58 billion, showing a 19.5% year-on-year decline [1] Group 2: Future Outlook - Despite macroeconomic uncertainties, the company is expected to maintain stable performance in its core port operations in the second half of the year [1] - The long-term outlook remains positive due to the company's overseas terminal layout, which is anticipated to benefit from industry restructuring and drive steady growth in overall throughput [1] Group 3: Profit Forecast Adjustments - The profit forecasts for 2025 to 2027 have been revised down by 5%, 4%, and 4% respectively, resulting in projected net profits of HKD 7.3 billion, HKD 7.86 billion, and HKD 8.51 billion [1] - The target price has been adjusted from HKD 15.6 to HKD 17.4, based on a 10x price-to-earnings ratio for the fiscal year 2025, reflecting the company's growth potential from its overseas terminal strategy [1]

Core Viewpoint - China Merchants Port (00144) reported a decline in stock price by over 3% following the release of its mid-year results for 2025, indicating market concerns over profitability despite revenue growth [1] Financial Performance - The group reported revenue of HKD 6.457 billion, representing a year-on-year increase of 11.42% [1] - Shareholder profit attributable to the company was HKD 3.584 billion, showing a year-on-year decrease of 19.5% [1] - The interim dividend declared was HKD 0.25 per share [1] Business Operations - The container business of the group showed growth, with total container throughput reaching 74.85 million TEU, an increase of 4.3% year-on-year [1] - Domestic ports in mainland China, Hong Kong, and Taiwan achieved a combined container throughput of 55.64 million TEU, up 4.0% year-on-year, driven mainly by the Pearl River Delta and Yangtze River Delta regions [1] - Overseas port projects recorded a container throughput of 19.21 million TEU, reflecting a year-on-year growth of 5.0% [1]

Core Viewpoint - China Merchants Port (00144) experienced a decline of over 3%, with a current price of HKD 14.47 and a trading volume of HKD 57.29 million [1] Financial Performance - The company reported a revenue of HKD 6.457 billion for the first half of 2025, representing a year-on-year increase of 11.42% [1] - Shareholder profit attributable to the company was HKD 3.584 billion, showing a year-on-year decrease of 19.5% [1] - The interim dividend declared is HKD 0.25 per share [1] Business Operations - The container business of the group showed growth, with a total container throughput of 74.85 million TEU, an increase of 4.3% year-on-year [1] - Container throughput from mainland China, Hong Kong, and Taiwan ports reached 55.64 million TEU, up 4.0% year-on-year, driven mainly by the Pearl River Delta and Yangtze River Delta regions [1] - Overseas port projects achieved a container throughput of 19.21 million TEU, reflecting a year-on-year growth of 5.0% [1]