Undemanding valuations for stronger profitability ahead
- FY21 core net profit rose by 24% y-o-y to US$332.5m, in line with our expectations
- Final dividend of HK17cts declared, bringing full-year payout to HK33.5cts; 40% payout ratio
- Positive outlook driven by steady throughput growth and firm container handling tariff increases
- Maintain BUY and higher TP of HK$8.50