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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 operation, and property investment. The firm operates through the following business segments: Ports Operation, Bonded Logistics 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, and airport cargo handling operated by the Group and its associates and joint ventures. The Other Operations segment relates to the property development and investment and logistic operations. The company was founded in May 28, 1991 and is headquartered in Hong Kong.

Financial Highlights

Dec 2021 HKDUSD
Revenue11,850M1,524.53M
Gross Profit5,305M682.50M
Operating income3,515M452.21M
Income before tax3,372M433.81M
Net income8,144M1,047.75M
EBITDA5,801M746.31M
Diluted EPS2.190.28
Dividends Per Share0.940.12
Total Assets178,690M22,919.84M
Total liabilities60,133M7,713.01M
Total equity98,262M12,603.67M
Operating cash flow7,570M973.90M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 8,692M 10,160M 8,898M 8,945M 11,850M
Gross Profit 3,405M 4,345M 3,673M 3,695M 5,305M
Operating income 2,310M 2,627M 2,295M 1,863M 3,515M
Income before tax 7,445M 9,250M 7,461M 2,701M 3,372M
Net income 6,028M 7,245M 8,362M 5,151M 8,144M
EBITDA 3,658M 4,319M 4,291M 3,896M 5,801M
Diluted EPS 1.83 2.19 2.47 1.46 2.19
Dividends Per Share 0.81 0.95 0.80 0.69 0.94
Total Assets 131,951M 139,937M 149,082M 170,064M 178,690M
Total liabilities 42,310M 51,933M 54,948M 62,666M 60,133M
Total equity 73,447M 75,321M 79,783M 87,889M 98,262M
Operating cash flow 4,393M 4,831M 4,529M 4,292M 7,570M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 1,115.38M 1,296.32M 1,135.64M 1,153.30M 1,524.53M
Gross Profit 436.94M 554.38M 468.78M 476.40M 682.50M
Operating income 296.42M 335.18M 292.90M 240.20M 452.21M
Income before tax 955.36M 1,180.21M 952.24M 348.24M 433.81M
Net income 773.53M 924.39M 1,067.23M 664.13M 1,047.75M
EBITDA 469.40M 551.06M 547.65M 502.32M 746.31M
Diluted EPS 0.23 0.28 0.31 0.18 0.28
Dividends Per Share 0.10 0.12 0.10 0.08 0.12
Total Assets 16,879.35M 17,873.38M 19,133.19M 21,932.84M 22,919.84M
Total liabilities 5,412.35M 6,633.11M 7,052.02M 8,081.92M 7,713.01M
Total equity 9,395.44M 9,620.33M 10,239.35M 11,334.88M 12,603.67M
Operating cash flow 563.72M 616.39M 578.03M 553.37M 973.90M

Valuation Measures

Dec 2021
PER6.45
ROA4.67%
ROE8.74%
Operating margin29.66%
Profit margin68.72%

Key executives

  • Vice Chairman & Chief Executive Officer: Xiu Feng Wang
  • Chief Financial Officer & Financial Controller: Xiao Ping Tu
  • General Manager-Audit Department: Jian Li Zhao
  • Managing Director & Executive Director: Song Xu
  • Deputy General Manager: Shi Xin Yu

Shareholders

  • China Merchants Port Group Co., Ltd. (44.4%)
  • China Merchants Technology Holdings Co. Ltd. (21.1%)
  • BlackRock Fund Advisors (1.2%)
  • The Vanguard Group, Inc. (1.1%)
  • China State-Owned Assets Supervision & Admn Commission (0.5%)
  • Dimensional Fund Advisors LP (0.5%)
  • Fidelity Management & Research Co. LLC (0.5%)
  • Principal Global Investors (Asia) Ltd. (0.4%)
  • Manulife Investment Management (Hong Kong) Ltd. (0.3%)
  • BlackRock Advisors (UK) Ltd. (0.3%)

Contact Details

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

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    Last Updated on 11 Aug, 2022

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