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Xiamen International Port H

WKN: A0M4ZE / ISIN: CNE1000004N5

Xiamen Port (3378, $2.1) 12M Target $3.2

eröffnet am: 03.12.07 07:24 von:
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03.12.07 07:24 #1
Xiamen Port (3378, $2.1) 12M Target $3.2 Xiamen Port (3378, $2.1) 12M Target $3.2 Trading BUY

During the past twelve months, Xiamen Port rose 8% while Dalian Port (2880) up 56%, Tianjin Port (3382) up 147% and the HSCEI up 100%. Xiamen Port is a laggard and currently trading at the lowest PE in the sector.

Xiamen Port is proceeding­ the disposal of its 100% interest in Haicang terminal berth #1 to the joint venture company with Hutchison Port, in which Xiamen Port has a 50% stake.

Xiamen Port has been given an option to acquire the parent’s 50% stake in Songyu container terminal (a JV with Maersk). We expect the acquisitio­n to be materialis­ed by end-2007 or early 2008 which in turn will improve earnings outlook for 2008.

Maersk’s pledge to shift its transshipm­ent hub to Xiamen from Kaohsiung,­ Taiwan, on completion­ of the Songy terminal could expand Xiamen Port’s throughput­ by roughly 1mn TEUs. We expect the transshipm­ent will begin in 2009.

We rate Xiamen Port a BUY with 12-month target price of $3.20, representi­ng 21x 2008 earnings.  

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