GLONGHUI, September 6 | UBS published a research report indicating that China Merchants Port's performance in the first half of the year fell short of expectations. Its management provided cautious and optimistic feedback during the mid-term business roadshow, including looking forward to low unit increases in cargo handling throughout the year, increases in overseas port fees, stable dividend policies, and preparations for capital required for potential mergers and acquisitions. The bank remains cautious about the global trade outlook and lowered its profit forecasts for this year to 2025 by 6%, reflecting more conservative cost forecasts and profit margin assumptions under lower mid-term performance expectations, and the depreciation of the RMB. The bank lowered the target price of the China Merchants Bureau port for the next 12 months from HK$12.8 to HK$9.88, and the price-earnings ratio target for 2024 from 8.3 times to 6.4 times, reflecting lower profit forecasts and reduced net joint venture asset value (NAV) contributions, and a “neutral” rating.