This morning I added shares in COSCO Pacifc (HK:1199) to the portfolio. COSCO Pacifc is essentially a PRC port operator which also carries on a number of related businesses. The company is selling on a trailing PE and dividend yield of 8.9x and 4.5%. The company's history of paying dividends (annual and interim) is quite consistent and the balance sheet carries a reasonable level of indebtedness. Available information in container volumes for the year to August are encouraging.
I paid an average of HK$9.82 per share.
No objections about Cosco as a long term investment. But where did "Available information in container volumes for the year to August are encouraging." come from?
All I see is stuff like this.
From the company's own website:
I'll conceed that I was a little bit surprised by the numbers (and admit that they say nothing about pricing or costs), but they look quite healthy.
Ok thanks - the increases in that link are broadly consistent with the figures from Shanghai port.
I do wonder where the containers are going though!
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