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.
3 comments:
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.
http://www.nytimes.com/2011/10/12/business/at-us-ports-flow-of-imports-suggests-soft-holiday-shopping-season.html
and
http://www.taipeitimes.com/News/biz/archives/2011/10/12/2003515498
Hi
From the company's own website:
http://www.coscopac.com.hk/eng/media/operational_data.php
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.
Cheers
traineeinvestor
Ok thanks - the increases in that link are broadly consistent with the figures from Shanghai port.
http://en.ce.cn/Insight/201110/08/t20111008_22742236.shtml
I do wonder where the containers are going though!
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