Financials & valuation: CM Port

研报英文原文证据摘录

Financials & valuation: CM Port

, with CM Port’s global footprint 19.00

providing an effective buffer. CMP has no significant asset exposure in the core 15.00

Persian Gulf area, reducing the risk of direct disruption. Its extensive international 11.00

network has also demonstrated resilience. While the Red Sea disruption has caused 07/25 01/26 07/26

Target price: 14.50 High: 17.48 Low: 12.34 Current: 13.77

temporary volatility due to route diversions, the company has mitigated the impact by

rebalancing capacity and operational deployment. Looking ahead, we see overall Source: LSEG IBES, HSBC estimates

throughput to maintain low-to-mid single-digit growth, consistent with management

commentary, supported by incremental capacity from expansion projects. Parash Jain*

Global Head of Transport & Logistics Research

We lift 2026-27e net profit by 3-4% on stronger-than-expected throughput The Hongkong and Shanghai Banking Corporation Limited parashjain@hsbc.com.hk

momentum, reflecting the strength seen in 1H26. We expect 5.1% y-o-y growth in +852 2996 6717

gross throughput for 2026. Our recurring profit estimates are 2-3% below consensus Deepak Maurya*, CFA

for 2026-27e. We introduce our 2028 estimates in this note, and expect 1H26 Analyst, Asia Transport

The Hongkong and Shanghai Banking Corporation Limited

revenue up 3%, driving 6% growth in net profit to HKD3,880m. deepakmaurya@hsbc.com.hk

+852 2822 4292

Upgrade to Hold (from Reduce) with a higher TP of HKD14.50: We apply a target

Bruce Chu*, CFA

PB multiple of 0.50x (from 0.45x), which is the average consensus 12-month forward Analyst, Asia Transport

PB since 2012, to our 2026 BVPS; the higher multiple reflects the improving global The Hongkong and Shanghai Banking Corporation Limited

bruce.y.h.chu@hsbc.com.hk