Ge Long Hui·2025-09-04 02:56Core 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]