Company Name: China Merchants Port Holdings Co. Ltd
Business
CMPort is the largest and a globally competitive public port developer, investor and operator in China with investments in China, Hong Kong and overseas. Its nationwide port network includes coastal hub ports in Hong Kong, Taiwan, Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin, Dalian, Zhangzhou, Zhanjiang and Shantou. It is growing its presence in South Asia, Africa, Mediterranean and South America. In 2017, the total throughput handled reached 100 million TEU.
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| CMPort's Ports in China |
Hong Kong modern container terminal co., Ltd (MTL) was established in 1969 was the first container terminal in Hong Kong, and is one of the Hong Kong's largest container terminal operator. China merchants international owns a 27% stake in the company, the container terminal in Hong Kong tsing container terminal has seven container ship berths and two feeder berths, along a total length of about 2432 meters.
China Merchants Container Services Limited (CMCS) is one of CMHI's wholly owned subsidiaries. It is a mid-stream service provider, owns quay resources, equipped with rail mounted gantry cranes. Located in Tsing Yi island, the company can access to an array of transportation infrastructure.
In port related business, there are Tianjin Haitian Bonded Logistics, QingDao Bonded Logistics, China Merchants Bonded Logistics (Shenzhen), Shenzhen Haiqin Project Management Company and Asia Airfreight Terminal. Asia Airfreight Terminal is an air cargo terminal based at Hong Kong International Airport for premier passenger and cargo hub.
Financials
In the latest interim 2017 report, the ports operation increases by 1% from HKD 12,161 million and HKD 12,043 million. Bonded logistics operation dropped by 16% to HKD 281 million from HKD 335 million. Port-related manufacturing operation increased by 40.4% to HKD 9,265 million from HKD 6,599 million. Total revenue increased from HKD 3,847 million to HKD 4,055 million whereas cost of sales increased from HKD 2,206 million to HKD 2,291 million in 2017. The operating profit doubled in 2017 to HKD 2260 million. This is due to other income and gains. Dividends increased due to special dividend.
Current Assets is HKD 19,590 million and Total Liabilities are 34,743.
Cash and cash equivalent increased to HKD 15,424 million from HKD 5,263 million. There is a disposal of subsidiary which amounts to HKD 8,543 million. CMPort raised capital as well.
Overall, CMPort is operating profitably and has the scale of operations.
Counter: 01199.HK
Company Name: Cosco Shipping Ports
Business
Cosco Ship Port's network of terminals extends to 31 ports worldwide, covering the main five port clusters along the Chinese coast, Southeast Asia, Europe, the Mediterranean and the Black Sea. In 2016, throughput reached 95 million TEUs.
Financials
In the interim 2017 results, the cash dropped from HKD 834 million in 2016 to HKD 332 million in 2017. Long term borrowings increased by HKD 130 million in 2017 compared to 2016.
From the Income Statement, the revenue is relatively flat while cost of sales has increased slightly from HKD 167 million in 2016 to HKD 177 million in 2017. The company made a gain on disposal of a joint venture which amounts to HKD 283 million. Subtracting this from the Profit is HKD 200 million which is still a good improvement from 2016.
On 24 March 2016, the company disposed all issued shares in Florens Container Holdings to China Shipping Container Lines (now known as COSCO SHIPPING Development) for a total consideration of USD 1,241,032,000. Upon completion of disposal, Floreans Container Holdings ceased to be a subsidiary of the Company.
The Group's net cash generated from operating activities amounted to US$70,129,000 (1H2016: US$167,844,000) in the first half of 2017, of which included capital gain tax of US$39,365,000 in respect of the disposal of Qingdao Qianwan Terminal.
The net debt to total equity ratio was 20.1% (31 December 2016: 14%) which is still healthy.
There's a lot of re-organisation within the group through sale and disposal of entities, this will shift money across individual entities.
Operations Review
According to International Monetary Fund, global trade volume in 2017 is estimated to grow at 4%, an increase of 1.7 percentage points compared with 2016. Buoyed by increasing international trade, China's foreign trade continue to improve. According to China Customs, the country's total import and exports (in RMB) in first half of 2017 recorded a growth of 19.6% compared with last year. The throughput of container terminals in China increased 8.8% to approximately 115,000,000 TEU which was 6.3% higher than same period in 2016.
The rise in international trade, as well as launch of mega-vessels, all increased calls at hub ports will enable the Group to achieve encouraging results in container terminals business.
The recovery of international trade and the increase in calls by shipping alliances enabled Yantian Terminal to achieve a satisfactory performance for the six months. The co-management of COSCO-HIT Terminal and Asia Container Terminal effective from 1st January 2017 served as an additional growth momentum to the terminals leading to a surge in the throughput of the two terminals by 42.8% to 1,694,130 TEU for the period.
There are other ports such as CIG Yangtze Ports 01719.HK, Xinghua Port 01990.HK, Dalian Port 02880.HK, QHD Port 03369.HK, Xiamen Port 03378.HK and Qingdao Port 06198.HK.
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