Core Viewpoint - Morgan Stanley has raised the target price for China Merchants Port (00144) by 5.9%, from HKD 17 to HKD 18, while maintaining an "Overweight" rating, indicating a positive outlook for the company based on its recent performance and management guidance [1] Financial Performance - The company is expected to deliver a dividend yield of 5.5-6.2% from 2025 to 2027, alongside a free cash flow yield of 11-12%, showcasing its strong financial health [1] Investment Appeal - China Merchants Port's robust free cash flow, disciplined dividend policy, and strong earnings highlight its defensive attractiveness, making it a compelling investment opportunity [1] Operational Strength - The company's diversified investment portfolio and proactive cost management further support its operational strength and growth potential [1]

Core Viewpoint - The company's 1H25 performance was below expectations, primarily due to reduced investment income from its associate, Shanghai Port Group, following a dilution of shareholding in Postal Savings Bank of China. This one-time impact does not affect cash flow, and the core port business showed better-than-expected revenue and profit growth [1][2]. Financial Performance - The company reported a revenue of HKD 6.457 billion for 1H25, representing a year-on-year increase of 11.4%. The net profit attributable to shareholders was HKD 3.584 billion, with basic earnings per share of HKD 0.854, down 19.5% year-on-year [1]. - The operating cash flow declined year-on-year due to timing differences in dividend receipts from associates, but excluding this factor, cash flow remained robust [1]. Port Operations - Domestic and overseas port throughput and profitability increased year-on-year. The company's controlled terminal container throughput rose by 11.3%, while the overall throughput of associate-controlled ports increased by 4.3% [2]. - By region, container throughput in the Pearl River Delta, Yangtze River Delta, Bohai Rim, and overseas terminals grew by 7.8%, 5.9%, 0.1%, and 5.0% respectively. Notably, throughput at the company's Pearl River Delta and overseas terminals increased by 10.2% and 20.1% respectively [2]. Cost Management - The company achieved significant cost reductions through optimized port operations, increased automation, and effective expense management. The cost-to-revenue ratio decreased, resulting in a gross margin of 51%, up 2.9 percentage points year-on-year [2]. Growth Outlook - The company is optimistic about long-term growth potential from overseas terminal volumes. The throughput at major overseas terminals showed impressive growth, with the Sri Lanka HIPG terminal's throughput increasing by 542.9% year-on-year. Upgrades at certain overseas terminals also contributed to volume growth, such as a 24.6% increase at the West Africa TCP terminal [2]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025 and introduces a net profit estimate of HKD 7.7 billion for 2026. The current stock price corresponds to 8.2 times the 2025 P/E ratio and 8.0 times the 2026 P/E ratio. The target price has been raised by 13.8% to HKD 16.5 per share, reflecting a potential upside of 12.8% from the current price [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 港口控股有限公司 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED （根據公司條例於香港註冊成立之有限公司） （股份代號：00144） 持續關連交易 前海灣花園租賃協議 － 修 訂 2025 年年度上限及 釐 定 2026 年年度上限 前海灣花園租賃協議 茲提述本公司於2024年3月22日及2024年9月27日作出的公告，內容有關前海 灣置業分別與(i)友聯蛇口、(ii)CMPG、(iii)赤灣集裝箱碼頭、(iv)赤灣港口、(v) 招商保稅、(vi)招商國科、(vii)招港創融、(viii)深圳港騰及(ix)招商物管訂立的 現有前海灣花園租賃協議（內容有關租賃位於前海灣花園的多個住宅單位用作其各 自員工宿舍）。 於2025年9月4日，鑒於部份現有前海灣花園租賃協議期限屆滿以及為迎合僱員 住房及倉儲的新增需求，前海灣置業分別與(i)招商物管、(ii)赤灣集裝箱碼頭 ...

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 - 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]