Morningstar

Morningstar, Inc.

Equity Bottom-Up

Wide moat Shanghai International Port’s preliminary 2018 results were below our expectations, with revenue and operating profit rising 2% and 7% year over year to CNY 38.2 and CNY 14.2 billion, respectively. We think the shortfall was driven by noncore items as its core port operations were on track with our estimates, with container throughput rising 4.4% to 42 million TEU and dry bulk volume remaining flat at 561 million tons. We leave our fair value estimate unchanged for now while waiting…

Shanghai International Port Group’s, or SIPG’s, strong 24% growth in third-quarter net profit to CNY 1.6 billion was mostly boosted by noncore investment. The result, however, implies a 10% fall in its core port earnings in the third quarter, despite a decent 5.5% year-over-year growth in container throughput and marginal 1% improvement in drybulk volume. This is in line with our expectations, suggesting a 4.5% fall in average handling tariff following the NDRC’s decision to cut port handling…

Shanghai International Port Group's, or SIPG's, strong 32% growth in first-half net profit to CNY 3.2 billion was mostly boosted by a one-off revaluation gain of its investment in Postal Savings Bank, while recurring earnings remain largely flat, despite 4.6% year-over-year growth in container throughput. This is in line with our expectations, suggesting a 4.5% fall in average handling tariff following the National Development and Reform Commission's, or NDRC's, decision to cut port handling…

Shanghai International Port Group’s, or SIPG’s, strong 45% growth in first-quarter net profit was mostly boosted by a one-off revaluation gain of its investment in Postal Savings Bank, while the recurring earnings remain largely flat, with container throughput rising 4% year over year in the quarter. This is in line with our expectations, suggesting the handling tariffs were still under pressure. We think the NDRC’s decision of 11%-33% handling tariff cuts on freight-trade cargos on seven major…

Shanghai International Port Group’s, or SIPG's, strong 66% growth in 2017 net profit was mostly boosted by one-off revaluation gains from its investments in property and financial assets, while recurring earnings remain lackluster, with core profit rising 4% to CNY 6.4 billion. However, this reflects a 12% sequential decline in the second half, despite seasonally stronger container throughput, suggesting the handling tariffs were still under pressure. We think the National Development and Reform…

China

Shanghai International Port (Group) Co., Ltd is a holding company that owns interests in container and port service companies.

Shanghai International Port Group (600018 CH)

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