Goldman Sachs: Expects mainland container throughput to increase by 4.6% for the whole year, raising target prices for CHINA MER PORT and COSCO SHIP PORT
Goldman Sachs released a research report stating that it has raised the net profit forecast for China Merchants Port and COSCO SHIP PORT for 2025 to 2027 by 2% to 6%. It is optimistic about COSCO SHIP PORT due to its strong performance at European terminals and improved performance at QianKai Port, expecting a dividend yield of 5% in 2025, with the target price raised from HKD 5.3 to HKD 6, and a rating of "Buy." The target price for China Merchants Port has been raised from HKD 13.1 to HKD 14.2, with a rating of "Neutral." The bank stated that even in the context of increased U.S. tariffs and trade uncertainty, the mainland's port container throughput still grew by 7% year-on-year in the first half of the year. Looking ahead, the bank predicts year-on-year growth of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027, respectively, indicating that growth in the second half of 2025 will slow to 2%. In terms of pricing, China Merchants Port aims to increase prices by 2% in the 2026 contract negotiations, while other operators expect no further price increases beyond inflation adjustments. Both China Merchants Port and COSCO SHIP PORT are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs
According to the Zhitong Finance APP, Goldman Sachs released a research report stating that it has raised the net profit forecasts for China Merchants Port (00144) and COSCO SHIP PORT (01199) for 2025 to 2027 by 2% to 6%. It is optimistic about COSCO SHIP PORT due to its strong performance at European terminals and improved performance at QianKai Port, expecting a dividend yield of 5% in 2025, with the target price raised from HKD 5.3 to HKD 6, and a rating of "Buy." The target price for China Merchants Port has been raised from HKD 13.1 to HKD 14.2, with a rating of "Neutral."
The bank stated that even in the context of increased tariffs in the United States and trade uncertainties, the mainland's port container throughput still grew by 7% year-on-year in the first half of the year. Looking ahead, the bank predicts year-on-year growth of 4.6%, 2.7%, and 2.5% for 2025, 2026, and 2027, respectively, indicating that growth in the second half of 2025 will slow to 2%. In terms of pricing, China Merchants Port aims to increase prices by 2% in the 2026 contract negotiations, while other operators expect no further price increases beyond inflation adjustments. Both China Merchants Port and COSCO SHIP PORT are optimistic about contract price growth for overseas terminals due to faster throughput growth and rising costs
