汇丰银行-印度-航运业-印度港口：油料急剧下降，但吞吐量保持增长-20170907-india ports throughput stayed flat on sharp deceleration in pol-hsbc

《汇丰银行-印度-航运业-印度港口：油料急剧下降，但吞吐量保持增长-20170907-india ports throughput stayed flat on sharp deceleration in pol-hsbc》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、7September2017IndiaPortsEQUITIESMARINEThroughputstayedflatonsharpdecelerationinPOLIndiaMajorports’throughputstayedflaty-o-yinAugustonsharpParashJain*decelerationinPOLdespiteimprovementincoalHeadofTransportResearch,Asia-PacificTheHongkongandShanghaiBankingCorporationLim

2、itedparashjain@hsbc.com.hkGrowthshouldremainlacklustrein3QFY18duetoahigh+85229966717base(12.4%y-o-yin3QFY17vs4.0%in2QFY17)LouisPang*AssociateTheHongkongandShanghaiBankingCorporationLimitedWecontinuetopreferADSEZ(Buy)toGPPV(Hold)louis.w.h.pang@hsbc.com.hk+85229149934Indiam

3、ajorports’throughputstayedflat,down0.3%y-o-yinAugustvs+1.4%in*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisJuly,drivenbyasharpdecelerationinPOLpartiallyoffsetbyimprovementincoal.notregistered/qualifiedpursuanttoFINRAregulationsMajorports’containerthroughput(TEU)g

4、rowthtrendedhigherfrom5.4%inJulyto7.9%inAugust.WeattributethispartlytotheresumptionofnormaloperationsatJNPTfollowingdisruptionsinJulydueto“Petya”cyber-attackandmonsoonweather.Meanwhile,coalthroughputshowedsequentialimprovementalthoughitremainedincontractionat-8.9%inAugustvs

5、-25.5%inJuly,drivenbyamoderatingdeclineinthermalcoal(-25.1%inAugustvs-30.6%inJuly)andareboundincokingcoalthroughputgrowth(+28.0%inAugustvs-15.5%inJuly).However,POLthroughputgrowthdeceleratedsharplyto+0.6%inAugustfrom+11.7%inJulyasthefavourablebasefades(+9.2%y-o-ygrowthinAug

6、ust16vs+5.8%inJuly16).Ahighbaseshouldslowgrowthin3QFY18.IndiamanufacturingPMIreboundedtoexpansionfrom47.9inJulyto51.2inAugustastheimpactfromthenewGSTregimenormalised.Whilenewdomesticordersandexportordersexpanded,thepaceremainedbelowthepre-demonetisationperiod.Inparticular,n

7、ewexportordersexpansionislosingmomentum.HSBCIndiaeconomistsexpectmanufacturingactivitynottoshowasignificantimprovementoverthenextfewmonthsandseedownsideriskstotheirGDPgrowthforecasts(India:AugustManufacturingPMIrebounds,butmodestly,1September2017).Weexpectmajorportthroughpu

8、tgrowthtoslowin3QFY18onahighbase(+12.4%y-o-yin3QFY17).WecontinuetopreferADSEZtoGPP