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Transportation

China Merchants Port Holdings Co., Ltd.

Company Background

China Merchants Port Holdings is China's stated-owned port operator. Its parent company China Merchants Group was the first Chinese company to operate commercial vessels, establish an insurance company and a bank. The company's predecessor was founded in 1991 in Hong Kong and in 1997 changed to its current name.

 

The company has port facilities in Hong Kong and mainland China, including in Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin and Xiamen. It also operates overseas, including in Nigeria and Djibouti among other African countries, South Asia and Europe. The company has about 130 berths for loading and unloading at wharves and piers around the world, accommodating 60 million containers. It has more than a 30% share of the berths in mainland China.

 

In recent years, the company has stepped up its upgrade of port facilities overseas as part of China's "Maritime Silk Road" plan. Proposed by Chinese President Xi Jinping, the sea routes are aimed at connecting China to Europe via Southeast Asia and the Middle East.

 

In 2014, the company held a groundbreaking ceremony for a new container terminal at the Port of Colombo, Sri Lanka. Worth more than $500 million, the terminal is one of the country's largest foreign investment projects. China Merchants Holdings (International) is also helping fund a $10 billion port in Bagamoyo, Tanzania. The port, which is being promoted by the Tanzanian government, is likely to become the largest in Africa.

Business Summary

China Merchants Port Holdings Co., Ltd. engages in ports operation, bonded logistics and cold chain operations, property development and investment. The company operates through the following business segments: Ports Operation, Bonded Logistics Operations, Port-related Manufacturing Operations, and Other Operations. The Ports Operation segment includes container terminal operation, bulk and general cargo terminal operations. The Bonded Logistics Operations segments include logistic park operation, ports transportation, cold storage and logistics operation and airport cargo handling. The Port-related Manufacturing Operations segment includes construction of modular housing and container manufacturing. Its port network expands across the Bohai Economic Zone, the Yangtze River Delta, the Xiamen Bay Economic Zone, the Pearl River Delta, and the Southwest region includes the coastal hub ports in Hong Kong, Shenzhen, Ningbo, Shanghai, Qingdao, Tianjin, Xiamen Bay and Zhanjiang. China Merchants Holdings is also developing marine logistics services relating to the port industry, which include the Bonded Logistics Park in Shenzhen, Qingdao and the Tianjin Haitian Bonded Logistics Zone, apart from the fast and safe information platforms serving for its terminals, logistics parks and customers, and the South China Shuttle Barge Services to Shenzhen western terminals. The company was founded in May 28, 1991 and is headquartered in Hong Kong.

Financial Highlights

Dec 2020 HKDUSD
Revenue8,945M1,153.30M
Gross Profit3,695M476.40M
Operating income1,863M240.20M
Income before tax2,701M348.24M
Net income5,151M664.13M
EBITDA3,896M502.32M
Diluted EPS1.460.18
Dividends Per Share0.690.08
Total Assets170,064M21,932.84M
Total liabilities62,666M8,081.92M
Total equity87,889M11,334.88M
Operating cash flow4,292M553.37M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 7,976M 8,692M 10,160M 8,898M 8,945M
Gross Profit 3,317M 3,405M 4,345M 3,673M 3,695M
Operating income 2,336M 2,310M 2,627M 2,295M 1,863M
Income before tax 2,997M 7,445M 9,250M 7,461M 2,701M
Net income 5,494M 6,028M 7,245M 8,362M 5,151M
EBITDA 3,590M 3,658M 4,319M 4,291M 3,896M
Diluted EPS 1.75 1.83 2.19 2.47 1.46
Dividends Per Share 0.87 0.81 0.95 0.80 0.69
Total Assets 103,113M 131,951M 139,937M 149,082M 170,064M
Total liabilities 44,594M 42,310M 51,933M 54,948M 62,666M
Total equity 50,689M 73,447M 75,321M 79,783M 87,889M
Operating cash flow 3,874M 4,393M 4,831M 4,529M 4,292M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 1,027.50M 1,115.38M 1,296.32M 1,135.64M 1,153.30M
Gross Profit 427.31M 436.94M 554.38M 468.78M 476.40M
Operating income 300.93M 296.42M 335.18M 292.90M 240.20M
Income before tax 386.08M 955.36M 1,180.21M 952.24M 348.24M
Net income 707.76M 773.53M 924.39M 1,067.23M 664.13M
EBITDA 462.48M 469.40M 551.06M 547.65M 502.32M
Diluted EPS 0.22 0.23 0.28 0.31 0.18
Dividends Per Share 0.11 0.10 0.12 0.10 0.08
Total Assets 13,299.49M 16,879.35M 17,873.38M 19,133.19M 21,932.84M
Total liabilities 5,751.72M 5,412.35M 6,633.11M 7,052.02M 8,081.92M
Total equity 6,537.85M 9,395.44M 9,620.33M 10,239.35M 11,334.88M
Operating cash flow 499.06M 563.72M 616.39M 578.03M 553.37M

Valuation Measures

Dec 2020
PER6.48
ROA3.22%
ROE6.14%
Operating margin20.82%
Profit margin57.58%

Key executives

  • Managing Director & Executive Director: Xiu Feng Wang
  • Executive Director & Deputy General Manager: Zhi Xian Wang
  • General Manager-Audit Department: Jian Li Zhao
  • Deputy General Manager: Shi Xin Yu
  • GM-Investment & Development Department: Yue Qi

Shareholders

  • China Merchants Port Group Co., Ltd. (42.7%)
  • China Merchants Union BVI Ltd. (21.4%)
  • BlackRock Fund Advisors (1.2%)
  • The Vanguard Group, Inc. (1.1%)
  • Dimensional Fund Advisors LP (0.6%)
  • DJE Kapital AG (0.4%)
  • Eastspring Investments (Singapore) Ltd. (0.4%)
  • Manulife Investment Management (Hong Kong) Ltd. (0.3%)
  • BlackRock Advisors (UK) Ltd. (0.3%)
  • Norges Bank Investment Management (0.3%)

Contact Details

  • Website:http://www.cmport.com.hk
  • Address: 38th Floor, China Merchants Tower, Shun Tak Centre, Hong Kong, Hong Kong
  • Phone: +852.2102.8888

Related Companies

  • China Merchants International Terminals (Ningbo) Ltd.
  • Anyunjie Terminal Warehousing Service (Shenzhen) Co., Ltd.
  • Zhangzhou China Merchants Tugboat Co., Ltd.
  • Shenzhen Haiqin Engineering Supervision & Management Co., Ltd.
  • Shekou Container Terminals (Phase III) Co., Ltd.
  • Guangdong Yide Port Ltd.
  • Gainpro Resources Ltd.
  • Kingston Freeport Terminal Ltd
  • China Merchants International Terminal (Qingdaoco) Co., Ltd.
  • Keen Field Enterprises Ltd.
  • Mega Shekou Container Terminals Ltd.
  • Team Able International Ltd.
  • China Merchants Port Development (Shenzhen) Co., Ltd.
  • China Merchants Hldgs International China Investment Co. Ltd.
  • Zhangzhou China Merchants Port Co., Ltd.
  • Park Base Investments Ltd.
  • CMHI Caymans, Inc.
  • CMHI Finance (Cayman), Inc.
  • CM Houlder (SEA) Pte. Ltd.
  • CM Houlder Insurance Brokers (Singapore) Pte. Ltd.
  • Shenzhen Malai Storage Co. Ltd.
  • China Merchants (Luxembourg) SARL
  • China Merchants Holdings (Djibouti) FZE
  • Shenzhen Mawan Wharf Co., Ltd.
  • Shenzhen Mawan Port Services Co., Ltd.
  • Shenzhen Mawan Terminals Co., Ltd.
  • China Merchants Finance Co. Ltd.
  • China Merchants Bonded Logistics Co., Ltd.
  • CMH International (China) Investment Co., Ltd.
  • China Merchants International Port Ningbo Co. Ltd.

Competitors

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