Stock Name: CMPacific
Company Name: CHINA MERCHANTS HLDGS(PACIFIC)
DBS Vickers Securities in an Apr 30 research report says: "While losses from its property business widened to HK$11.5 million from HK$2.4 million a year ago, net profit contribution from the company’s toll road business jumped from HK$47 million in 1Q11 to HK$124 million (+161% y-o-y).
"This was due to new contribution from Yongtaiwen Expressway (acquired in July 2011) and firm organic growth from its jointly controlled roads (+12% to HK$55 million). The company has finally turned more positive on its New Zealand property business, which could provide upside to our forecasts if it can make a positive contribution or perhaps could finally be disposed off at a decent price.
"Target price of $1.12. Stock is trading cum dividend of 3 cents and offers a further 7.7% yield. MAINTAIN BUY."
Company Name: CHINA MERCHANTS HLDGS(PACIFIC)
| Research House: CIMB | Price Call: BUY | Target Price: 1.12 |
DBS Vickers Securities in an Apr 30 research report says: "While losses from its property business widened to HK$11.5 million from HK$2.4 million a year ago, net profit contribution from the company’s toll road business jumped from HK$47 million in 1Q11 to HK$124 million (+161% y-o-y).
"This was due to new contribution from Yongtaiwen Expressway (acquired in July 2011) and firm organic growth from its jointly controlled roads (+12% to HK$55 million). The company has finally turned more positive on its New Zealand property business, which could provide upside to our forecasts if it can make a positive contribution or perhaps could finally be disposed off at a decent price.
"Target price of $1.12. Stock is trading cum dividend of 3 cents and offers a further 7.7% yield. MAINTAIN BUY."
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