汇丰银行-印度港口业-india ports 1qfy18 grew a t5.0％；coal remains a drag-20170707-hsbc

《汇丰银行-印度港口业-india ports 1qfy18 grew a t5.0％；coal remains a drag-20170707-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、7July2017IndiaPortsEQUITIESMARINE1QFY18grewat5.0%;coalremainsadragIndiaMajorportsgrowthslowedto4.0%y-o-yinJunefrom4.9%inParashJain*MayonsharpdeclineincoalandslowdownincontainerHeadofTransportResearch,Asia-PacificTheHongkongandShanghaiBankingCorporationLimitedparas

2、hjain@hsbc.com.hkSlightlystrongermomentumin1QFY18onrecedingimpactof+85229966717demonetisation;alowbaseshouldliftgrowthinthe2QFY18LouisPang*AssociateTheHongkongandShanghaiBankingCorporationLimitedWecontinuetopreferADSEZ(Buy)toGPPV(Reduce)louis.w.h.pang@hsbc.com.hk+852

3、29149934Indiamajorports’throughputgrowthslowedto4.0%y-o-yinJunefrom4.9%in*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisMay,drivenbyadeteriorationincoalandcontainerpartiallyoffsetbystrongerPOLnotregistered/qualifiedpursuanttoFINRAregulationsthroughput.Contain

4、erthroughput(TEU)growthdeceleratedto2.6%inJunefrom6.6%inMay.TheweakcontainerthroughputinJunecouldbeattributedtotheGatewayTerminalsIndia(GTI)ofJNPTwhich,alongwithsomeotherterminalsoperatedbyMaerskGroup(MARESKBDC,Buy,CMP:DKK:13,120),havetheiroperationsdisruptedbythe“Pety

5、a”cyber-attackinlateJune(source:JOC.com,28June2017).RecallthatGTIaccountedformorethan20%ofcontainerthroughputatmajorportsinFY17.Meanwhile,coalthroughputplunged18.6%inJunevs5.0%declineinMay.Thiswasmainlyduetoareverseincokingcoalfrom10.5%growthinMayto24.9%declineinJune.Y

6、et,POLshowedimprovement,growingby17.2%inJunevs6.4%inMay.Alowbaseshouldliftgrowthin2QFY18.In1QFY18,throughputgrewat5.0%y-o-y;thiscomparesto4.7%in4QFY17whichwasimpactedbyweakerdomesticdemandduetoIndiademonetization.WhileIndiamanufacturingPMIcamedowntoafour-monthlowof50.9

7、inJunevs51.6inMay,newexportordersexpandedatthefastestpacesinceOctober2016.Therefore,weexpectportthroughputgrowthtoholdupwellatleastuntilAugustdrivenbyalowbase.Indeed,majorports’throughputgrew4.0%y-o-yin2QFY17vs6.4%in1QFY17.WecontinuetopreferADSEZtoGPPVasaplayonIndia’ss

8、tructuralgrowth.ADSEZhasre-ratedoverthepastyeardrivenbymanagementaddressinginvestors’✔VoteinAsiamoneyBrokersPoll2017c