DP World 'likely to post higher H1 profit'
UAE, August 22, 2011
Analysts at UBS and Nomura expect port operator DP World's first-half profit to be higher due to a rise in container volumes and better margins.
The company, which is the world's third-largest ports operator, in July had said it expected a better profit in the first half as container volumes rose 11 percent.
UBS said the company's exposure to emerging markets like India and China is positive but it is not a complete shield against concerns of a global slowdown.
The brokerage cut its price target on the company's stock to $12 from $13, while maintaining its "neutral" rating.
Analysts at Nomura expect DP World to give a better outlook for the year citing higher margins. They maintained their price target of 1,040 pence and a "buy" rating on the company's London-listed shares.
"With its 50 terminals across five continents and its focus on emerging markets and origin and destination trades, we expect the outlook to be robust," Nomura said. - Reuters
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