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2009-3-18 10:25:00 a.m. HKT, XFNA
DJ MARKET TALK: Tianjin Port Devt Valuations Unattractive -UOB-KH
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| 1011 [Dow Jones] STOCK CALL: Tianjin Port Development's (3382.HK) valuations remain unattractive despite acquisition of 56.81% stake in Tianjin Port Holdings Co. (600717.SH), or TPC, from Tianjin Port Group being earnings accretive, UOB KayHian says. Notes total consideration of deal about HK$10.961 billion, to be settled by HK$7.031 billion new TPD shares, HK$3.930 billion cash. Says after the new shares issuance and asset injection, estimates 2009F EPS to rise 16.6% based on TPC consensus earnings forecast. Cuts TPD's FY08-10F net profit forecasts by 13%, 27%, 23% respectively to reflect rapidly deteriorating throughput numbers. Says stock trading at 18.9X 2009F P/E, or 16.3X post-deal P/E, 0.9X 2009F P/B, marking premium over H-share peers' average of 7.5X 2009F P/E. Keeps at Sell, fair price at HK$1.05. Shares up 1.0% at HK$1.97. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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