We expect Yantian Port to earn $0.22, $0.25, and $0.28 per share in 2012-2014, with a reasonable price-earnings ratio of 15 times, a reasonable price range of 3.75-4.2, and an investment rating of “neutral”. However, Caofeidian Port Company will be fully put into operation in 2014, and the average growth rate of net profit over the next 5 years will be at least 20%, and will accelerate after 2014. Long-term attention is recommended.
【海通证券】盐田港:曹妃甸港口投资收益推动业绩出现向上拐
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