报告名称：Dalian Port(02880.HK)Still Overvalued Maintain “Reduce”
报告类型：港股研究
报告日期：2016-04-07
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：7
简介：Excluding the trading business income, revenue decreased by 1.0% yoy inFY15, mainly due to the drop in throughput of the bulk grain, ore and generalcargo segments, partly offset by an increase in income from the oil, containerand value-added services segments. Shareholdersˇ profit decreased by7.0% yoy to RMB484 million in FY15, in-line.
Performance of the Companyˇs oil terminals is expected to be solid in 2016.On the other hand, ore terminals and bulk grain terminals will remain sluggish;throughput of container terminals will barely grow. Overall, profitability ofthe Company will remain low in 2016.
The issuance of all planned new H-shares will dilute EPS of the Company byaround 20%. Regarding the earnings estimates, we believe the currentvaluation of the Company is significantly overvalued at this moment evenconsidering all the growth potential by using the funds from the new issue. Wemaintain investment rating of ¨Reduce〃 and TP of HK$2.50. Our TPrepresents 21.5x, 23.0x and 21.8x FY16-FY18 PER, or 0.7x FY16 P/B ratio.
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