Huatai Securities lowers the target price of CHINA MER PORT to 16.7 yuan, maintaining a "buy" rating

Huatai Securities published a research report indicating that CHINA MER PORT (00144.HK) had a revenue increase of 12.8% year-on-year last year; net profit fell 18.5% year-on-year to HKD 6.46 billion, lower than the bank's forecast of HKD 7.3 billion.

Looking ahead to 2026, although there are still many uncertainties in the current Middle East geopolitical situation and the global macro economy, the bank expects that CHINA MER PORT, relying on its global terminal layout, can smooth market fluctuations and demonstrate profit resilience. The bank maintains a "Buy" rating but lowers the target price by 4% to HKD 16.7. At the same time, the bank has reduced the company's net profit forecasts for 2026 and 2027 by 6% and 7%, respectively, to HKD 7.37 billion and HKD 7.95 billion, and has added a net profit forecast for 2028 of HKD 8.64 billion