China Merchants Holdings Pacific - Awaiting catalysts | I3investor

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China Merchants Holdings Pacific - Awaiting catalysts

StockFanatic

Publish date: Mon, 04 May 2015, 02:53 PM

At 21% of our full-year forecast, China Merchants Holdings' (CMH) 1Q15 core earnings were slightly behind our expectations. Apart from the seasonal weakness during Chinese New Year, the shortfall mainly came from lower profit contribution from Guihuang Highway due to changes in the road network. As a result, we lower FY15-17 EPS estimates by 2.2-3.5% to reflect the lower earnings contribution from Guihuang. While the cuts in EPS had little impact on our target price of S$1.16 (based on a CY15 residual income valuation), CMH is downgraded from Add to Hold for being fully valued. We are awaiting valuation accretive acquisitions to potentially re-rate the stock.

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