China Merchants Pacific: (S$0.87) 1Q16 in line as acquisitions contribute meaningfully
- Net profit +15.3% y/y to HK$164.1m on revenue of HK$634.7m (+28.4%)
- Largely due to consolidation of 3 Guangxi expressway acquired ; improved performance at Yongtaiwen & Beilun Port
- Key risks: FX, economic slowdown in China, Govt investments in alternative transport such as rail
- Handsome yield of 8.1% vs peers' 5.3%
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