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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 2019 HKDUSD
Revenue8,898M1,135.64M
Gross Profit3,673M468.78M
Operating income2,295M292.90M
Income before tax7,461M952.24M
Net income8,362M1,067.23M
EBITDA4,291M547.65M
Diluted EPS2.470.31
Dividends Per Share0.800.10
Total Assets149,082M19,133.19M
Total liabilities54,948M7,052.02M
Total equity79,783M10,239.35M
Operating cash flow4,529M578.03M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 8,233M 7,976M 8,692M 10,160M 8,898M
Gross Profit 3,595M 3,317M 3,405M 4,345M 3,673M
Operating income 2,642M 2,336M 2,310M 2,627M 2,295M
Income before tax 2,281M 2,997M 7,445M 9,250M 7,461M
Net income 4,808M 5,494M 6,028M 7,245M 8,362M
EBITDA 3,850M 3,590M 3,658M 4,319M 4,291M
Diluted EPS 1.54 1.75 1.83 2.19 2.47
Dividends Per Share 0.77 0.87 0.81 0.95 0.80
Total Assets 102,349M 103,113M 131,951M 139,937M 149,082M
Total liabilities 40,924M 44,594M 42,310M 51,933M 54,948M
Total equity 53,604M 50,689M 73,447M 75,321M 79,783M
Operating cash flow 5,003M 3,874M 4,393M 4,831M 4,529M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 1,061.96M 1,027.50M 1,115.38M 1,296.32M 1,135.64M
Gross Profit 463.71M 427.31M 436.94M 554.38M 468.78M
Operating income 340.79M 300.93M 296.42M 335.18M 292.90M
Income before tax 294.22M 386.08M 955.36M 1,180.21M 952.24M
Net income 620.18M 707.76M 773.53M 924.39M 1,067.23M
EBITDA 496.60M 462.48M 469.40M 551.06M 547.65M
Diluted EPS 0.19 0.22 0.23 0.28 0.31
Dividends Per Share 0.09 0.11 0.10 0.12 0.10
Total Assets 13,206.06M 13,299.49M 16,879.35M 17,873.38M 19,133.19M
Total liabilities 5,280.41M 5,751.72M 5,412.35M 6,633.11M 7,052.02M
Total equity 6,916.51M 6,537.85M 9,395.44M 9,620.33M 10,239.35M
Operating cash flow 645.33M 499.06M 563.72M 616.39M 578.03M

Valuation Measures

Dec 2019
PER5.31
ROA5.78%
ROE10.78%
Operating margin25.79%
Profit margin93.97%

Key executives

  • Managing Director & Executive Director: Jing Tao Bai
  • Executive Director & Deputy General Manager: Zhi Xian Wang
  • General Manager-Audit Department: Jian Li Zhao
  • Executive Director & Deputy General Manager: Shao Ping Zheng
  • Deputy General Manager: Shi Xin Yu

Shareholders

  • China Merchants Port Group Co., Ltd. (41.5%)
  • China Merchants Union BVI Ltd. (22.2%)
  • BlackRock Fund Advisors (1.3%)
  • The Vanguard Group, Inc. (1.3%)
  • Eastspring Investments (Singapore) Ltd. (1.2%)
  • Dimensional Fund Advisors LP (0.6%)
  • Norges Bank Investment Management (0.5%)
  • Robeco Institutional Asset Management BV (0.4%)
  • BlackRock Advisors (UK) Ltd. (0.2%)
  • First State Investments (Hong Kong) Ltd. (0.2%)

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.
  • Ningbo China Merchants International Terminals Ltd.
  • 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.

Competitors

  • Nippon Yusen Kabushiki Kaisha
Last Updated on 20 Oct, 2020

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