该行指，招商局港口承诺会提高股东回报，虽然其股价年初至今表现跑赢大市，但以约6%的股息回报率计算，现价估值仍具吸引力。JPMorgan has raised its forecast for China Mer Port's net profit after tax for the fiscal years 2024 to 2026 by approximately 3%.
According to the Zhitong Financial APP, JPMorgan released a research report stating that China Mer Port (00144) has a diversified port assets portfolio distributed globally, with throughput momentum stronger than expected this year. The company is believed to be in a more favorable position to capture related opportunities, raising the target price from 14 Hong Kong dollars to 14.5 Hong Kong dollars, corresponding to a forecasted PE ratio of approximately 8 times for 2025.
JPMorgan describes China Mer Port as a value-based Chinese company, a stable choice for medium-term investment. It points out that in the face of uncertainty in macroeconomic and trade policies, the short to medium-term outlook for container throughput volume is more resilient. Also, due to the increase in port taxes, the company's profit is expected to increase next year, and the corresponding forecast for after-tax net profit for 2024 to 2026 is raised by about 3%.
The bank points out that China Mer Port has committed to increasing shareholder returns. Although its stock price has outperformed the market since the beginning of the year, with a dividend yield of about 6%, the current valuation is still attractive.
