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中远太平洋日前宣布其持股20%股权的合资公司将分阶段收购大连大窑湾二期集装箱码头4个泊位,公司需要额外投资7亿元于该项目。包括经已入股的另外2个泊位,大窑湾二期整体集装箱吞吐能力达每年280万标准箱。我们预计收购可提升公司05及06年盈利1%及3%。我们认为目前公司估值仍然吸引,投资评级维持“买入”。
COSCO Pacific recently announced that it will acquire a 4-berth at Dayaoyou Phase II Container Terminal in Dalian by a joint venture company that has a 20% stake in the company. The company needs to invest an additional 700 million yuan in the project. Including the other two berths already in stock, Dayao Bay Phase II overall container throughput reached 2.8 million TEU per year. We expect the acquisition to lift 1% and 3% of the company’s earnings in 2005 and 2006 respectively. We think the current valuation of the Company is still attractive and the investment rating remains “BUY.”