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華泰金融:維持中遠海能(1138.HK)“持有”評級 目標價5港元
格隆匯 09-30 13:53
華泰金融控股發表報告表示,就 中遠海能 (1138.HK) 主要子公司遭到美國製裁,美國財政部9月25日宣佈最新伊朗相關制裁實體名單,其中包括大連中遠海運油品運輸公司(中遠海能的全資子公司),據美國財政部公告,母公司中遠海能本身不在制裁名單之列。大連中遠海運油品運輸是中遠海能的主要子公司,今年上半年利潤貢獻佔中遠海能淨利潤的39%。根據制裁法案,所有美國公民和實體禁止與制裁名單上的公司進行交易,且美國的銀行也不得向這些公司提供外匯、銀行交易和貸款等服務。該行指,雖然中遠海能在美國市場的業務佔比較低,但銀行系統和保險的封鎖會影響其在中東市場的經營。
根據Clarksons數據,中遠海能共擁有150艘船舶(包括油輪、LNG船和LPG船),其中47艘船在大連中遠海運油品運輸控制之下。中遠海能擁有43艘超大型油輪(VLCC),其中26艘為大連中遠海運油品運輸所有。也就是説,中遠海能國際船隊運力的60%遭到限制。
據媒體消息,石油貿易商正取消與被制裁實體的預訂,尋找其他船舶替代。由於中國進口原油大部分來自中東,中遠海能在美國市場的油運業務佔比較小(該行測算僅佔總貨運量的5%以下)。華泰金融指,雖然母公司未受到制裁的影響,但該行擔憂的是美國的銀行是全球金融體系的中心,被美國的銀行封鎖會帶來潛在風險,且無法進行銀行交易和船舶保險將對公司整體造成重大影響。在目前階段,該行對限制程度和母公司受影響程度的相關信息瞭解有限。該行暫維持 中遠海能 持有 ”評級及目標價5港元。
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