招商证券*港股研究*中远太平洋(01199.HK)－2004年以来拓展的部分码头项目业绩不佳*01199**余黄炎

报告名称：中远太平洋(01199.HK)－2004年以来拓展的部分码头项目业绩不佳
研究员：余黄炎
报告类型：港股研究*公司报告
报告日期：20100826

行业/子行业：
公司名称及代码：中远太平洋(01199)
投资建议：中性

【内容摘要】

COSCO Pacific's net profit for 1H2010 was US$ 190million, up 82% YoY. However, its recurrent net profit was only US$ 92 million, slightly down 3% YoY. Earning from container leasing business rebounded as expected. As for terminals business, loss from Greek Piraeus project affected the earning of this segment. We set our target price at HK$11.00 per share. Maintain NEUTRAL rating.

Recurrent net profit for 1H2010 was disappointing. COSCO Pacific's net profit for 1H2010 was US$ 190 million, up 82% YoY. However, its recurrent net profit was only US$ 92 million, slightly down 3% YoY.

Greek Piraeus project made loss of at least US$ 10 million in 1H2010. COSCO Pacific took over the Piraeus project in Greece on October 2009. Currently the project's quarterly container throughput is about 20,000TEU. Its loss in 1H2010 is estimated to be at least US$ 10 million. We expect the project will turn loss into gain in 2012.

Earning in 2H2010 will be higher than that in 1H2010. COSCO Pacific holds 21.8% interest of CIMC. We expect CIMC's earning will surge about 200% HoH in 2H2010. Therefore CIMC will contribute US$ 92 million to COSCO Pacific in 2010.

Maintain NEUTRAL rating. We apply sum of the parts methodology to value COSCO Pacific. Our target price is HK$11.00 per share. Maintain NEUTRAL rating.


中远太平洋上半年净利润1.90亿美元，同比增长82%；经常性净利润仅0.92亿美元，同比微跌3%。集装箱租赁业务盈利反弹，但码头业务盈利同比下跌，主要受希腊Piraeus Container Terminal S.A.项目亏损影响。预计全年经常性盈利可达到2.55亿美元。我们简要回顾了2004年以来公司投资的主要码头项目，发现部分码头业务经过几年的运营仍然在亏损。我们对公司估值为每股HK$11.00，评级为"中性"。

上半年经常性盈利不佳 经常性净利润仅0.92亿美元，同比微跌3%。集装箱租赁业务盈利反弹，同比增长30%。但码头业务盈利同比下跌11%，主要受希腊Piraeus Container Terminal S.A.项目亏损影响。上半年比雷埃夫斯港项目亏损估计超过1000万美元。

预计下半年经常性盈利将大大高于上半年 目前公司集装箱租赁和集装箱码头业务在继续恢复增长势头。联营企业中集集团下半年盈利预计同比大幅增长，全年盈利预计同比增长近2倍，因此下半年中远太平洋盈利将大大高于上半年，预计全年净利润3.45亿美元，经常性盈利2.55亿美元。

2004年以来拓展的部分码头业务业绩不佳 考察中远太平洋自2004以来投资的码头项目，我们发现部分码头项目盈利表现尚可，但广州南沙海港集装箱码头、Antwerp Gateway NV、Piraeus Container Terminal S.A.等项目的业务发展低于公司管理层最初的预想，至今一直亏损。

维持"中性"评级 我们以个别业务价值加总的方法对公司估值为每股HK$11.00。维持"中性"评级。


【摘要结束】