Zhi Tong Cai Jing·2025-09-01 10:06Core 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]