Zhitong Financial APP learned that China Merchants Port (00144) fell more than 5% in early trading. As of press time, it fell 4.39% to HK $13.06, with a turnover of HK $23.1831 million.
On the news, BofA Securities released a research report saying that due to the impact of the epidemic and the slowdown in the US economy, export demand fell in 2023, reducing the 2022-23 profit forecast for the logistics and port industry by an average of 4 to 5 per cent. As container throughput performance is likely to be weak in 2023, the bank downgraded China Merchants port rating from "buy" to "neutral" and its target price from HK $17 to HK $15.