DP World reported very healthy throughput for Q2-14, reported NBK Capital, adding that consolidated volumes grew 7.9% YoY on a reported basis to 7.1 million TEU in 2Q2014 matching our forecast for the quarter.
The Europe, Middle East and Africa region was the leading growth contributor, NBK said, adding that the UAE (around 54% of total consolidated throughput) posted strong growth of 11% YoY in Q2-14, which pushed the performance of the Europe, Middle East and Africa region to 9.7% YoY growth (at the consolidated level). Moreover, the company highlighted an improved performance in its European ports as well as new volumes coming in from London Gateway.
NBK Capital viewed Q2 numbers positively with the management maintaining a positive outlook for the rest of 2014, reiterating its expectation to outpace growth in global volumes in 2014 (which according to Drewry is forecast to grow 5%).
This outlook conforms with our forecast of 6.9% growth in consolidated throughput in 2014. Thus, we maintain our FV of $19.80 and Hold recommendation, NBK Capital concluded.
The Europe, Middle East and Africa region was the leading growth contributor, NBK said, adding that the UAE (around 54% of total consolidated throughput) posted strong growth of 11% YoY in Q2-14, which pushed the performance of the Europe, Middle East and Africa region to 9.7% YoY growth (at the consolidated level). Moreover, the company highlighted an improved performance in its European ports as well as new volumes coming in from London Gateway.
NBK Capital viewed Q2 numbers positively with the management maintaining a positive outlook for the rest of 2014, reiterating its expectation to outpace growth in global volumes in 2014 (which according to Drewry is forecast to grow 5%).
This outlook conforms with our forecast of 6.9% growth in consolidated throughput in 2014. Thus, we maintain our FV of $19.80 and Hold recommendation, NBK Capital concluded.
Source:
Mubasher Exclusive
