Credit Suisse lowered the target price of Tianjin Port Development (3382.HK) from HK$2.29 to HK$1.98. Previously, earnings per share expectations for 2009 and 2010 were lowered by 49.5% and 69.0%, respectively, due to weak freight operations and poor cost management. Credit Suisse also expects that the Hong Kong-Eurasian International Container Terminal, where it holds 40% of its shares, will lose money in the first year of operation in 2010, thereby dragging down profits in the near future. However, Credit Suisse said that the company plans to buy 56.8% of Tianjin Port (600717.SH) shares from the parent company. This move can reduce competition within the group and also increase profits by expanding into coal, iron ore, and oil terminal businesses. The development of Tianjin Port fell 1.46% to HK$2.03 last Friday.