Gelonghui, December 19 丨 UBS published a report saying that even though China Merchants Port (0144.HK)'s stock price recently rebounded, the current valuation is still far below pre-pandemic levels. The bank lowered its profit forecast for next year and the year after by 9% to 11% to reflect an 8% to 11% reduction in the Shanghai International Port Service (SIPG) earnings test, which contributed about 28% to China Merchants's port joint venture revenue; and lowered the throughput forecast for the entire port portfolio next year by about 2%. According to the bank, after adjusting the profit forecast, although the outlook for next year is weak, the valuation is very attractive. Even if freight rates are not expected to rise next year, there is still a chance that future freight rates will continue to rise, which the market has yet to reflect. The target price was lowered from HK$17.3 to HK$16, and the rating was “buy”.