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高盛招商局国际(0144.HK)研究报告070111

pdf 英文 共8页

What's changed

We believe the recent restructuring of China Merchants (CM) and Wharf

Holdings’ container port operations in Shekou, West Shenzhen is positive

for 2 reasons. (1) It consolidates CM’s control over these assets and should

lead to greater transparency on cash flow and earnings. (2) Since it should

strengthen the existing strategic relationship with Wharf in West

Shenzhen, we see less risk of competitive pricing pressure when Wharf

starts operations at the nearby Dachan Bay container port facility in late-

2007. Despite this, we retain our cautious stance and Sell rating on CM

since our concerns on valuation remain intact.

[此贴子已经被vbbill于2007-1-14 15:15:12编辑过]