美銀證券:下調物流及港口股目標價,行業相較看好順豐、中通快速
美銀證券發表研究報告指,由於疫情影響及美國經濟放緩導致2023年出口需求下降,將2022至2023年物流及港口行業盈利預測平均下調4%至5%,目標價相應下調5%至13%。
由於預計2023年集裝箱吞吐量表現將疲軟,該行將招商局港口(0144.HK)的投資評級由買入下調至中性,預測招商局港口2022至2023年深圳及上海港口集裝箱吞吐量將出現低單位數跌幅,抵銷今年境內港口費率恢復增長所帶來的部分收益,目標價由17港元下調至15港元。
對於快遞行業,該行仍然預期內地封城政策可於5月中旬放鬆,令行業利潤率及估值可望逐步恢復,其中較看好順豐(002352.SZ)及中通-SW(2057.HK)的盈利表現;同時看好嘉裏物流(0636.HK)的內地業務敞口較小,予買入評級,目標價由25港元降至23港元。
受疫情拖累,美銀指出近兩個月快遞公司物流量料下降30%,預期今年快遞行業盈利將減少7%至11%,預測京東物流(2618.HK)全年淨虧損將擴大至6.92億元人民幣,將其目標價由30港元下調至26港元,評級買入。
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