汇丰银行-中国-港口基础设施-随着港口经营者的收购，增长依然存在-20170913-hsbc-china ports underlying growth remains resilient as port operators pursue acquisitions

《汇丰银行-中国-港口基础设施-随着港口经营者的收购，增长依然存在-20170913-hsbc-china ports underlying growth remains resilient as port operators pursue acquisitions》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、13September2017ChinaPortsEQUITIESINFRASTRUCTUREUnderlyinggrowthremainsresilientasportoperatorspursueacquisitionsChinaRecentportthroughputdatacontinuestopointtorelativelyParashJain*strongerpeakseasonthissummerafter2011HeadofTransportResearch,Asia-PacificTheHongkongandShanghaiBa

2、nkingCorporationLimitedparashjain@hsbc.com.hkBothChinesePortoperatorsaggressivelypursuingacquisitions+85229966717underBRI;raisesriskofdilutionandlowernear-termreturnLouisPang*AssociateTheHongkongandShanghaiBankingCorporationLimitedWepreferCOSCOShippingPorts(Buy)toChinaMerchantslo

3、uis.w.h.pang@hsbc.com.hk+85229149934Port(Hold)andHPHTrust(Reduce)DeepakMaurya*AssociateStrongestpeakseasonsince2011ontrack.Inthey-t-d,top8containerportsBangalorethroughputgrew7.0%y-o-yvs2.7%in2016.InAugust,top8ChinaPortsthroughputsloweddownto5.1%duetohigherbaseoflastyearinourviewra

4、therthanunderlying*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationsweakness.Havingsaidthat,wecautiononpotentialthroughputgrowthslowdownin2H17(vs7%in1H17)givenahighbase.Recallthatportthroughputgrewat4%y-o-yin2H16vs1.4%in1H16.G

5、lobalmanufacturingPMIrosetoa75-monthhighdrivenbyimprovementsinnearlyallregions:Inparticular,ChinaCaixinManufacturingPMI(whichhistoricallyhasbeensensitivetotheexportcycle)roseto51.6,partlydrivenbystrongnewexportsorderswhichrosetoaseven-yearhigh.HSBCeconomistsexpectthesustainedhighex

6、portordersreadingscouldsuggestanear-termreboundinexports(seeCaixinChinaManufacturingPMI(Aug2017),1September2017).Havingsaidthat,wecautiononpotentialthroughputgrowthslowdownin2H17(vs7%in1H17)givenahighbase.Recallthatportthroughputgrewat4%y-o-yin2H16vs1.4%in1H16.Chineseportoperatorsp

7、ursueseriesofacquisitionsunderBeltandRoadInitiative:CMPortandCSPortshaveannouncedsevenportacquisitionsintheyeartodateamountingtoclosetoHKD30bnofwhichfourwereoverseas(SouthAsia,Europe&LatinAmerica).Inparticular,CMPortcouldfacepotentialequitydilutionasitsleverage(2017egrossdebttooper

8、atingCFtojumpfrom4.1xto6.2