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China Merchants Port Holdings

SEHK:144
Snowflake Description

Established dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
144
SEHK
HK$46B
Market Cap
  1. Home
  2. HK
  3. Transportation
Company description

China Merchants Port Holdings Company Limited, an investment holding company, operates as a port operator in Mainland China, Hong Kong, Taiwan, and internationally. The last earnings update was 83 days ago. More info.


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144 Share Price and Events
7 Day Returns
-0.7%
SEHK:144
-0.2%
HK Infrastructure
1%
HK Market
1 Year Returns
-12%
SEHK:144
-0%
HK Infrastructure
-4.7%
HK Market
144 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Merchants Port Holdings (144) -0.7% 4.5% -16.9% -12% -38.4% -48.2%
HK Infrastructure -0.2% 3% -6.5% -0% -7.3% -8%
HK Market 1% 3.9% -7.8% -4.7% 17.5% 2%
1 Year Return vs Industry and Market
  • 144 underperformed the Infrastructure industry which returned -0% over the past year.
  • 144 underperformed the Market in Hong Kong which returned -4.7% over the past year.
Price Volatility
144
Industry
5yr Volatility vs Market

144 Value

 Is China Merchants Port Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Merchants Port Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Merchants Port Holdings.

SEHK:144 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.3%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:144
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.84
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.837 (1 + (1- 25%) (85.05%))
1.249
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.25
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.249 * 6.65%)
10.31%

Discounted Cash Flow Calculation for SEHK:144 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for China Merchants Port Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:144 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 10.31%)
2020 5,699.67 Analyst x3 5,167.05
2021 5,597.00 Analyst x2 4,599.83
2022 5,559.37 Est @ -0.67% 4,141.96
2023 5,566.62 Est @ 0.13% 3,759.80
2024 5,605.14 Est @ 0.69% 3,432.05
2025 5,665.98 Est @ 1.09% 3,145.10
2026 5,743.07 Est @ 1.36% 2,890.00
2027 5,832.28 Est @ 1.55% 2,660.63
2028 5,930.75 Est @ 1.69% 2,452.73
2029 6,036.47 Est @ 1.78% 2,263.17
Present value of next 10 years cash flows HK$34,512.32
SEHK:144 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= HK$6,036.47 × (1 + 2%) ÷ (10.31% – 2%)
HK$74,141.45
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$74,141.45 ÷ (1 + 10.31%)10
HK$27,796.77
SEHK:144 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$34,512.32 + HK$27,796.77
HK$62,309.08
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$62,309.08 / 3,329.85
HK$18.71
SEHK:144 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$18.71
Current discount Discount to share price of HK$13.58
= -1 x (HK$13.58 - HK$18.71) / HK$18.71
27.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price China Merchants Port Holdings is available for.
Intrinsic value
27%
Share price is HK$13.58 vs Future cash flow value of HK$18.71
Current Discount Checks
For China Merchants Port Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Merchants Port Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Merchants Port Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Merchants Port Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Merchants Port Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:144 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$2.20
SEHK:144 Share Price ** SEHK (2019-07-18) in HKD HK$13.58
Hong Kong Infrastructure Industry PE Ratio Median Figure of 26 Publicly-Listed Infrastructure Companies 9.31x
Hong Kong Market PE Ratio Median Figure of 1,510 Publicly-Listed Companies 10.82x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Merchants Port Holdings.

SEHK:144 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:144 Share Price ÷ EPS (both in HKD)

= 13.58 ÷ 2.20

6.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Merchants Port Holdings is good value based on earnings compared to the HK Infrastructure industry average.
  • China Merchants Port Holdings is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does China Merchants Port Holdings's expected growth come at a high price?
Raw Data
SEHK:144 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.19x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-10.5%per year
Hong Kong Infrastructure Industry PEG Ratio Median Figure of 13 Publicly-Listed Infrastructure Companies 0.92x
Hong Kong Market PEG Ratio Median Figure of 479 Publicly-Listed Companies 0.8x

*Line of best fit is calculated by linear regression .

SEHK:144 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 6.19x ÷ -10.5%

-0.59x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Merchants Port Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on China Merchants Port Holdings's assets?
Raw Data
SEHK:144 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$22.62
SEHK:144 Share Price * SEHK (2019-07-18) in HKD HK$13.58
Hong Kong Infrastructure Industry PB Ratio Median Figure of 29 Publicly-Listed Infrastructure Companies 0.9x
Hong Kong Market PB Ratio Median Figure of 2,197 Publicly-Listed Companies 0.92x
SEHK:144 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:144 Share Price ÷ Book Value per Share (both in HKD)

= 13.58 ÷ 22.62

0.6x

* Primary Listing of China Merchants Port Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Merchants Port Holdings is good value based on assets compared to the HK Infrastructure industry average.
X
Value checks
We assess China Merchants Port Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. China Merchants Port Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

144 Future Performance

 How is China Merchants Port Holdings expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Merchants Port Holdings expected to grow at an attractive rate?
  • China Merchants Port Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • China Merchants Port Holdings's earnings are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
  • China Merchants Port Holdings's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:144 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:144 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -10.5%
SEHK:144 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 3.6%
Hong Kong Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 5.1%
Hong Kong Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average -5.2%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 13.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:144 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:144 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 11,405 8,677 5,788 6
2020-12-31 10,643 8,030 5,263 11
2019-12-31 10,054 8,949 6,907 11
SEHK:144 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 10,160 6,222 7,245
2018-09-30 10,179 6,071 7,787
2018-06-30 10,197 5,919 8,328
2018-03-31 9,445 5,838 7,178
2017-12-31 8,692 5,757 6,028
2017-09-30 8,438 5,559 6,490
2017-06-30 8,184 5,360 6,952
2017-03-31 8,080 5,456 6,223
2016-12-31 7,976 5,552 5,494
2016-09-30 7,988 5,810 4,606
2016-06-30 8,000 6,068 3,717
2016-03-31 8,117 6,376 4,263

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Merchants Port Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • China Merchants Port Holdings's revenue is expected to grow by 3.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:144 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from China Merchants Port Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:144 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.72 2.30 1.45 6.00
2020-12-31 1.58 2.02 1.27 10.00
2019-12-31 2.05 2.60 1.30 11.00
SEHK:144 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 2.20
2018-09-30 2.34
2018-06-30 2.48
2018-03-31 2.17
2017-12-31 1.84
2017-09-30 2.02
2017-06-30 2.21
2017-03-31 1.98
2016-12-31 1.76
2016-09-30 1.48
2016-06-30 1.19
2016-03-31 1.37

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • China Merchants Port Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Merchants Port Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Merchants Port Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

144 Past Performance

  How has China Merchants Port Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Merchants Port Holdings's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Merchants Port Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • China Merchants Port Holdings's 1-year earnings growth exceeds its 5-year average (20.2% vs 13.3%)
  • China Merchants Port Holdings's earnings growth has exceeded the HK Infrastructure industry average in the past year (20.2% vs 7.3%).
Earnings and Revenue History
China Merchants Port Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Merchants Port Holdings Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:144 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 10,160.00 7,245.00 1,718.00
2018-09-30 10,178.50 7,786.50 1,512.50
2018-06-30 10,197.00 8,328.00 1,342.00
2018-03-31 9,444.50 7,178.00 1,218.50
2017-12-31 8,692.00 6,028.00 1,060.00
2017-09-30 8,438.00 6,490.00 1,055.50
2017-06-30 8,184.00 6,952.00 1,051.00
2017-03-31 8,080.00 6,223.00 1,016.00
2016-12-31 7,976.00 5,494.00 981.00
2016-09-30 7,988.00 4,605.50 965.00
2016-06-30 8,000.00 3,717.00 949.00
2016-03-31 8,116.50 4,262.50 951.00
2015-12-31 8,233.00 4,808.00 953.00
2015-09-30 8,323.00 4,983.00 995.50
2015-06-30 8,413.00 5,158.00 1,038.00
2015-03-31 8,335.00 4,842.00 1,027.50
2014-12-31 8,257.00 4,526.00 1,017.00
2014-09-30 8,097.00 4,476.50 955.00
2014-06-30 7,937.00 4,427.00 893.00
2014-03-31 7,847.50 4,320.00 876.50
2013-12-31 7,758.00 4,213.00 860.00
2013-09-30 8,866.00 4,105.00 982.50
2013-06-30 9,974.00 3,997.00 1,105.00
2013-03-31 10,498.00 3,907.50 1,199.50
2012-12-31 11,022.00 3,818.00 1,294.00
2012-09-30 10,544.50 3,619.50 1,305.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • China Merchants Port Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Merchants Port Holdings used its assets more efficiently than the HK Infrastructure industry average last year based on Return on Assets.
  • China Merchants Port Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Merchants Port Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Merchants Port Holdings has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

144 Health

 How is China Merchants Port Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Merchants Port Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Merchants Port Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Merchants Port Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of China Merchants Port Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Merchants Port Holdings Company Filings, last reported 6 months ago.

SEHK:144 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 88,004.00 38,856.00 7,175.00
2018-09-30 88,004.00 38,856.00 7,175.00
2018-06-30 88,864.00 39,994.00 8,532.00
2018-03-31 88,864.00 39,994.00 8,532.00
2017-12-31 89,641.00 28,560.00 9,247.00
2017-09-30 89,641.00 28,560.00 9,247.00
2017-06-30 78,265.00 27,094.00 15,424.00
2017-03-31 78,265.00 27,094.00 15,424.00
2016-12-31 73,738.00 22,434.00 3,637.00
2016-09-30 73,738.00 22,434.00 3,637.00
2016-06-30 74,128.00 22,814.00 5,263.00
2016-03-31 74,128.00 22,814.00 5,263.00
2015-12-31 76,649.00 19,145.00 10,293.00
2015-09-30 76,649.00 19,145.00 10,293.00
2015-06-30 79,102.00 15,817.00 7,672.00
2015-03-31 79,102.00 15,817.00 7,672.00
2014-12-31 75,146.00 19,971.00 10,081.00
2014-09-30 75,146.00 19,971.00 10,081.00
2014-06-30 72,018.00 24,451.00 16,265.00
2014-03-31 72,018.00 24,451.00 16,265.00
2013-12-31 56,426.00 26,958.00 3,763.00
2013-09-30 56,426.00 26,958.00 3,763.00
2013-06-30 53,026.00 26,597.00 4,498.00
2013-03-31 53,026.00 26,597.00 4,498.00
2012-12-31 53,682.00 18,822.00 4,561.00
2012-09-30 53,682.00 18,822.00 4,561.00
  • China Merchants Port Holdings's level of debt (44.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (47.6% vs 44.2% today).
  • Debt is not well covered by operating cash flow (16%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess China Merchants Port Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. China Merchants Port Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

144 Dividends

 What is China Merchants Port Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7%
Current annual income from China Merchants Port Holdings dividends. Estimated to be 5.85% next year.
If you bought HK$2,000 of China Merchants Port Holdings shares you are expected to receive HK$140 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • China Merchants Port Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • China Merchants Port Holdings's dividend is above the markets top 25% of dividend payers in Hong Kong (5.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:144 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Hong Kong Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 22 Stocks 5.1%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 978 Stocks 3.6%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:144 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.74 6.00
2020-12-31 0.70 11.00
2019-12-31 0.91 11.00
SEHK:144 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-04-26 0.950 6.776
2018-03-29 0.810 5.151
2017-10-13 0.870 4.285
2017-04-27 0.870 3.744
2017-03-29 0.870 3.880
2016-08-31 0.770 3.714
2016-06-03 0.770 3.579
2015-04-23 0.770 3.050
2015-03-31 0.770 2.355
2014-05-30 0.770 2.968
2013-08-29 0.700 2.619
2013-03-27 0.700 2.891
2012-06-26 0.980 3.947
2011-08-30 1.080 4.545
2011-03-30 1.030 3.479
2010-03-31 0.570 1.985
2009-09-10 0.650 2.462
2009-04-29 0.680 2.843
2009-04-20 0.680 3.738
2008-09-02 0.730 4.460

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of China Merchants Port Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess China Merchants Port Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Merchants Port Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Merchants Port Holdings has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

144 Management

 What is the CEO of China Merchants Port Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jingtao Bai
COMPENSATION HK$2,840,000
AGE 54
TENURE AS CEO 4.1 years
CEO Bio

Mr. Jingtao Bai serves as Chief Executive Officer at China Merchants Port Group Co., Ltd. since December 2018 & served as Chairman of the Board at China Merchants Port Group Co., Ltd. until December 06, 2018. He serves as Chairman of the Board at Shenzhen Chiwan Wharf Holdings Limited. He has been Managing Director of China Merchants Holdings (International) Company Limited since June 1, 2015 and served as its General Manager from April 16, 2015 to June 1, 2015. Mr. Bai has extensive experience in port management, engineering construction, planning and management of water transport. Mr. Bai successively served as an Assistant Engineer of Planning & Design Institute of the Ministry of Communications of the PRC, an Officer in Department of Engineering Management and Department of Infrastructure Management of the Ministry of Communications, Deputy Director and Director in Department of Infrastructure Management and Department of Water Transport of the Ministry of Communications, Deputy General Manager of China Merchants Zhangzhou Development Zone, Director of Zhangzhou Port Service Authority, Deputy Director of Xiamen Port Authority, Deputy General Director of Construction headquarters of Haicang Free Trade Port Area, Deputy General Manager of the Company, Party Secretary and Deputy Director of Zhangzhou China Merchants Economic and Technological Development Zone and Party Secretary and General Manager of China Merchants Zhangzhou Development Zone. He serves as Director at China Merchants Port Group Co., Ltd. since September 2017. Mr. Bai has been an Executive Director of China Merchants Holdings (International) Company Limited since June 1, 2015. He serves as Vice Chairman at Shanghai International Port (Group) Co., Ltd. He was Vice Chairman of Dalian Port (PDA) Company Limited and was its Non Executive Director from June 28, 2016 to March 22, 2019. Mr. Bai served as a Supervisor of Xiamen Port Development Co. Ltd. and Xiamen International Port Co. Ltd. He served as Director of Shanghai International Port (Group) Co., Ltd. He is a professor level senior engineer, graduated from Tianjin University in Department of Hydraulics with a Bachelor's Degree in Port and Channel Engineering in 1986, then studied at Graduate School of Wuhan University of Technology and Graduate School of Shanghai Maritime University and obtained a Master's Degree in Management Sciences and Engineering and a Doctorate in Transport and Communications Planning and Management, respectively.

CEO Compensation
  • Jingtao's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jingtao's remuneration is lower than average for companies of similar size in Hong Kong.
Management Team Tenure

Average tenure and age of the China Merchants Port Holdings management team in years:

1.1
Average Tenure
54
Average Age
  • The average tenure for the China Merchants Port Holdings management team is less than 2 years, this suggests a new team.
Management Team

Gangfeng Fu

TITLE
Executive Chairman
AGE
53
TENURE
1.3 yrs

Jingtao Bai

TITLE
MD & Executive Director
COMPENSATION
HK$3M
AGE
54
TENURE
4.1 yrs

Shaoping Zheng

TITLE
Deputy GM & Executive Director
COMPENSATION
HK$2M
AGE
56

Zhixian Wang

TITLE
Executive Director
COMPENSATION
HK$2M
AGE
54

Jian Su

TITLE
Executive Director
AGE
47

Xianliang Xiong

TITLE
Executive Director
AGE
52
TENURE
1.1 yrs

Ling Wen

TITLE
Chief Financial Officer
AGE
54
TENURE
0.7 yrs

Yvonne Luk

TITLE
Deputy Chief Legal Counsel and GM of Board of Directors & Legal Department

Carol Cheng

TITLE
General Manager of Corporate Communications Department

Lefu Ge

TITLE
Executive Director
AGE
56
TENURE
0.1 yrs
Board of Directors Tenure

Average tenure and age of the China Merchants Port Holdings board of directors in years:

3.8
Average Tenure
55
Average Age
  • The tenure for the China Merchants Port Holdings board of directors is about average.
Board of Directors

Gangfeng Fu

TITLE
Executive Chairman
AGE
53
TENURE
1.3 yrs

Jingtao Bai

TITLE
MD & Executive Director
COMPENSATION
HK$3M
AGE
54
TENURE
4.1 yrs

Shaoping Zheng

TITLE
Deputy GM & Executive Director
COMPENSATION
HK$2M
AGE
56
TENURE
7.4 yrs

Zhixian Wang

TITLE
Executive Director
COMPENSATION
HK$2M
AGE
54
TENURE
3.4 yrs

Jian Su

TITLE
Executive Director
AGE
47
TENURE
1.8 yrs

Xianliang Xiong

TITLE
Executive Director
AGE
52
TENURE
1.1 yrs

Lefu Ge

TITLE
Executive Director
AGE
56
TENURE
0.1 yrs

Ying Hay Kut

TITLE
Independent Non-Executive Director
COMPENSATION
HK$280K
AGE
64
TENURE
27.1 yrs

Peter Lee

TITLE
Independent Non-Executive Director
COMPENSATION
HK$280K
AGE
77
TENURE
18.1 yrs

David Li

TITLE
Independent Non-Executive Director
COMPENSATION
HK$280K
AGE
64
TENURE
12.1 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by China Merchants Port Holdings individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
28. Jun 19 Buy Yip Wah Lee Individual 28. Jun 19 28. Jun 19 11,572 HK$13.21 HK$152,843
22. Oct 18 Buy Yip Wah Lee Individual 19. Oct 18 19. Oct 18 3,283 HK$13.81 HK$45,332
X
Management checks
We assess China Merchants Port Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. China Merchants Port Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

144 News

Simply Wall St News

Where China Merchants Port Holdings Company Limited (HKG:144) Stands In Terms Of Earnings Growth Against Its Industry

Understanding China Merchants Port Holdings Company Limited's (HKG:144) performance as a company requires examining more than earnings from one point in time. … Today I will take you through a basic sense check to gain perspective on how China Merchants Port Holdings is doing by evaluating its latest earnings with its longer term trend as well as its industry peers' performance over the same period. … View our latest analysis for China Merchants Port Holdings?

Simply Wall St -

What Are Analysts Expecting From China Merchants Port Holdings Company Limited (HKG:144) Over The Next Few Years?

In December 2017, China Merchants Port Holdings Company Limited (HKG:144) released its most recent earnings announcement, whicha … company

Simply Wall St -

China Merchants Port Holdings Company Limited (HKG:144): Financial Strength Analysis

Mid-caps stocks, like China Merchants Port Holdings Company Limited (HKG:144) with a market capitalization of HK$54.52b, aren’t the focus of most investors who prefer to direct their investments towards either large-cap or small-cap stocks. … While they are less talked about as an investment category, mid-cap risk-adjusted returns have generally been better than more commonly focused stocks that fall into the small- or large-cap categories. … View our latest analysis for China Merchants Port Holdings

Simply Wall St -

Have You Considered This Before Investing In China Merchants Port Holdings Company Limited (HKG:144)?

China Merchants Port Holdings Company Limited (HKG:144) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … Today we will examine China Merchants Port Holdings’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Free cash flow (FCF) is the amount of cash China Merchants Port Holdings has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.

Simply Wall St -

How Do Analysts See China Merchants Port Holdings Company Limited's (HKG:144) Margin Performing In The Years Ahead?

China Merchants Port Holdings Company Limited (HKG:144) to … in earnings of -0.60% annualised … over the couple of years ahead,

Simply Wall St -

Is China Merchants Port Holdings Company Limited (HKG:144) A Great Dividend Stock?

Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … In the past 10 years China Merchants Port Holdings Company Limited (HKG:144) has returned an average of 3.00% per year to investors in the form of dividend payouts. … Let's take a look at China Merchants Port Holdings in more detail.

Simply Wall St -

Should You Be Tempted To Sell China Merchants Port Holdings Company Limited (HKG:144) Because Of Its PE Ratio?

But can investors make a closing judgement of the company’s value based on this multiple. … The answer is no, since important variables like the company’s potential to grow and debt levels are ignored in the PE’s calculation … In this article, I am going to take you through some key things to consider in order to identify which multiple is the most relevant for

Simply Wall St -

144 Company Info

Description

China Merchants Port Holdings Company Limited, an investment holding company, operates as a port operator in Mainland China, Hong Kong, Taiwan, and internationally. It operates through Ports operation, Bonded Logistics Operation, Port-Related Manufacturing, and Other. The company engages in the container, and bulk and general cargo terminals; and logistic park operation, ports transportation, and airport cargo handling activities. It also invests in and develops properties; constructs modular housings; trades in securities; and provides container terminal services, as well as computer network services. In addition, the company engages in port construction and development; operation of berths; operation of tugboats; and holding of various pieces of land. The company was formerly known as China Merchants Holdings (International) Company Limited and changed its name to China Merchants Port Holdings Company Limited in June 2016. The company was founded in 1872 and is headquartered in Central, Hong Kong. China Merchants Port Holdings Company Limited is considered as a Red Chip company due to its listing on the Hong Kong Stock Exchange. China Merchants Port Holdings Company Limited is a subsidiary of China Merchants Group Limited.

Details
Name: China Merchants Port Holdings Company Limited
144
Exchange: SEHK
Founded: 1872
HK$45,685,535,826
3,329,849,550
Website: http://www.cmport.com.hk
Address: China Merchants Port Holdings Company Limited
China Merchants Tower,
38th Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 144 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 20. Mar 1995
OTCPK CMHH.F Ordinary Shares Pink Sheets LLC US USD 20. Mar 1995
DB CPM Ordinary Shares Deutsche Boerse AG DE EUR 20. Mar 1995
SHSC 144 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 20. Mar 1995
SZSC 144 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 20. Mar 1995
OTCPK CMHH.Y UNSPONSORD ADR Pink Sheets LLC US USD 15. Oct 2008
Number of employees
Current staff
Staff numbers
9,149
China Merchants Port Holdings employees.
Industry
Marine Ports and Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 12:40
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/11
Last earnings filing: 2019/04/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.