报告名称：Dalian Port(02880.HK)Overvalued “Reduce”
报告类型：港股研究
报告日期：2016-01-05
研究机构：国泰君安国际
研究员：周一帆
股票名称：大连港,大 连 港
股票代码：02880,601880
页数：6
简介：Throughput growth in major ports in Dalian was lower than the costalports average. According to the Ministry of Transport of PRC (MOT), for thefirst 11 months of 2015, cumulative container throughput of major ports inDalian decreased by 5.3% yoy; cumulative gross cargo throughput decreasedby 1.8% yoy.
The Companyˇs plan to issue new H-shares by way of private placing isproceeding. The Company has entered into a placing agreement with thesole placing agent and the financial advisor in relation to the Companyˇs planto issue not more than 1,475.4 million new H-shares, representing not morethan 33.3% of the total issued shares. Issue price hasnˇt been determined yet.
We maintain FY15-FY17 earnings estimates. Meanwhile, the issue of newH-shares will dilute EPS of the Company by around 20%. Regarding theearnings estimates, we believe the current valuation of the Company issignificantly overvalued at this moment even considering all the growthpotential by using the funds of the new issue. Moreover, the premium of theCompanyˇs A-shares to its H-shares has decreased. We downgrade theinvestment rating to ˉReduceˇ and we maintain TP of HK$2.50 to reflectthe unchanged earnings estimates. Our TP represents 22.9x, 24.3x and 22.8xFY15-FY17 PER, or 0.7x FY15 P/B ratio.

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