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标题全称：中国港务行业研究报告
发布报告的机构： 德意志银行
报告发布时间：April 2008
报告页数：49页
文件格式：pdf
文件大小：740K
Executive Summary........................................................................... 3
Outlook ....................................................................................................................................3
Valuation ..................................................................................................................................3
Risks ........................................................................................................................................3
US slowdown concerns overdone ................................................... 4
Underperformance of Chinese port operators unjustified.........................................................4
DB expects a mild recession in the US.....................................................................................5
China’s port throughput growth appeared to move in sync with the US economy but… ........5
…the correlation is surprisingly low..........................................................................................5
Reducing reliance on the US market for Chinese exports.........................................................6
China port growth running ahead of exports’ ................................ 8
15% throughput CAGR over 2007-10F .....................................................................................8
Surging demand for low-cost outputs from China ..................................................................10
Sustained FDI inflow further affirms the outsourcing trend....................................................12
Exporting to emerging markets heating up.............................................................................12
Shipping co’s aggressive fleet expansion should give port operators long-term support.......13
Value re-emerged ............................................................................ 15
Chinese ports are more defensive than they appear to be .....................................................15
HK-listed port companies at attractive valuations ...................................................................15
Buy Dalian Port and COSCO Pacific; Sell China Merchants ....................................................16
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