China Merchants Port affirmed at AAA with stable outlook

China Chengxin International (CCXI) has affirmed China Merchants Port Group's (CMPG) AAA credit rating with a stable outlook in its 2025 tracking report. The rating reflects CMPG's dominant position in the port sector, supported by its robust shareholder background, strong profitability, healthy cash flow, solid financial structure, and excellent funding access. CCXI acknowledges potential challenges related to global political risks and the complexities of managing overseas operations. CCXI anticipates CMPG will maintain its stable credit profile over the next 12-18 months. For the year 2024, CMPG's revenue increased slightly to CNY 16.131B, with a gross profit margin of 42.99%. In Q1 2025 revenue reached CNY 4.214B with a gross profit margin of 46.71%. The company has a total credit line of CNY 48.655B and a debt to EBITDA ratio of 3.94x in 2024.