Bulk grain terminal throughput fell 48.6% year on year in the first quarter of 2015, while ore terminal throughput fell 25.4% year on year. Net profit for the first quarter of 2015 fell 1.3% year on year to 118 million yuan, continuing the decline in 2014. The company plans to issue new H shares through targeted additional issuance. The plan is to issue no more than 1,475 million H shares, equivalent to 138.85% of the issued H shares and 33.33% of all issued shares, respectively. We believe that the issuance proceeds will provide sufficient capital for the company's investment needs in the next few years, which will benefit the company in the long run. The oil terminal is expected to remain stable in 2015. On the other hand, ore terminals and grain terminals are expected to remain weak; container terminal throughput is expected to grow at a slow rate. Overall, we slightly adjusted our 2015 and 2016 revenue forecasts and lowered our annual revenue forecasts and lowered our 2015 and 2016 net profit forecasts by 18.8% and 15.6% to reflect the weak performance of bulk grain terminals. Even considering all the potential for growth, we believe the current valuation is reasonable. Therefore, we maintain a “neutral” investment rating. However, we raised our target price until we maintained a “neutral” investment rating. However, we raised our target price to HK$3.20 to reflect the long-term positive expectations brought about by additional stock issuance and the company's H shares at a huge discount to its A shares. The updated target price is equivalent to 23.7 times, 22.6 times, and 20.9 times the 2015-2017 price-earnings ratio.