Global Ports Share News (GPH)

(Sharecast News) - Analysts at Shore Capital Markets took a fresh look at Global Ports Holding on Monday following some recently announced news over at its joint-venture with SATSCreuers Cruise Services, the operator of Singapore's Marina Bay Cruise Centre.
SATSCreuers Cruise Services had the terms of its concession at the Marina Bay Cruise Centre, the second-largest cruise port in Asia, extended a further five years to May 2027.

The extension at Singapore followed the announcement during the previous week of a management service agreement for Ha Long International Cruise Port, Vietnam, as the group looked to broaden its network into the fast-growing Asian cruise market.

Shore Cap said it saw the potential for a further expansion of the network throughout the region.

The analysts also said they expected further strong growth in 2019, given positive commentary in the group's interim and third-quarter report cards. Shore Cap also mentioned that the outlook for the medium-to-long term in the fast-growing cruise region remained "attractive".

"We see the extension at Singapore, following its recent expansion in Vietnam, as an important strategic development for GPH as it looks to broaden its cruise port network," said Shore Cap, which had a 242.0p target price on the 'house stock'.

"Over the last year, the group has successfully entered the Caribbean, the world's largest cruise market, notably through concessions at Nassau and Antigua. Expansion in the fast-growing Asian market is a natural development, as it looks to broaden in its geographic reach."