报告名称：COSCO Pacific(01199.HK)Buy： Focus on synergies and inorganic growth
报告类型：港股研究
报告日期：2016-03-30
研究机构：汇丰银行
股票名称：中远太平洋
股票代码：01199
页数：11
简介：2015 recurring profit was USD314m, up 4% y-o-y, Xiamen portturnaround and tighter cost control offset currency fluctuation
Focus on synergies from integration of CSPD, bigger parent.and acquisitions; 12% dividend confirmed in the horizon
TP unchanged at HKD10.60. The stock (ex-div) is trading at 0.6xPB for an ROE of 6% in 2016

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