China Merchants Holdings (Pacific)
FY13 earnings outperform due to strong operating performance and forex gains; final dividend of 4.25Scts also a positive surprise
Firm cash flows and healthy balance sheet provide room for potential acquisitions
Valuations attractive as earnings growth has outstripped share price re-rating; stock is trading below book value and offers 7.5% yield
Maintain BUY with higher TP of S$1.32 (DCF)
Earnings and dividends impress, as China Merchants Holdings (Pacific) reported a FY13 net profit of…
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