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Tianjin Port dives on capex concerns
Published on: 2009-03-18
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Tianjin Port Development’s shares plunged 13% on Tuesday on concerns its 1.4 billion USD merger deal with Tianjin Port would require significant capital expenditure, Reuters reported. Analysts said the merger was a significant and positive move that could see earnings being enhanced for the two firms, both major operators in China's third-largest port of Tianjin. But the stock, which surged 38% in two weeks until last Friday, is pricey with valuation at 24 times 2008 earnings against around 11 times that of its bigger domestic rivals, such as COSCO Pacific and China Merchants Holdings, said Jim Wong, an analyst at Nomura.
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