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Shanghai International Port Gr...

发布时间:2017-11-02    研究机构:摩根士丹利亚洲

What's new: SIPG's share price jumped 10% on October 20, on the theme of'Shanghai Free Trade Port', reported by Bloomberg.

SIPG's performance is supported by fundamentals: We think SIPG's recentstrong share price performance is not only driven by policy speculation, but alsosupported by its solid fundamentals. We expect SIPG's net profit to grow by over40% YoY in 2017, driven by improvement in port operations and commercialproperty business. Our 2017 earnings forecast is 20% above consensus (see APearl on China's East Coast; Initiate at Overweight).

Read-across to China Merchants Port: We maintain OW on CMP (0144.HK), asCMP holds 25% shares in SIPG, and we estimate ~50% of CMP's 2017 recurringnet profit will be contributed by SIPG. In August 2013, both CMP and SIPG shareprices rallied on the 'Shanghai Free Trade Zone' theme, by over 20% and 45%,respectively. We expect positive sentiment changes if SIPG's share price continuesto perform strongly.

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