《大行報告》中金下調中遠海控(01919.HK)目標價17%至16.22元 評級「跑贏行業」
中金髮表報告指,中遠海控(01919.HK)上半年收入2,108億元人民幣按年增長51%;淨利潤爲647億元人民幣,對應每股盈利4.04元人民幣,按年增長74%,與此前預告一致。單計第二季,收入爲1,053億元人民幣,按年增長41%;淨利潤371億元人民幣,按年增長71%。單季利潤再創歷史新高,量減價增(航運量按年下跌11%,外貿箱單箱收入按年增54%。
該行表示,雖然即期運價下行,但集團今年的盈利確定性仍高。由於港口擁堵邊際緩解、運力週轉有所加速,供需失衡導致出貨難的擔憂和恐慌緩解,運價近期進入下跌通道。截至8月26日,即期運價SCFI綜合指數、歐線美西線分別比去年同期下降28%/40%/14%。但是考慮到今年簽訂合同價上漲、佔比提升,由此帶來增量利潤和今年盈利的確定性。
中金下調中遠海控股份目標價17%至16.22港元,評級「跑贏行業」,考慮到近期運價下降,下調集團今明兩年盈利預測14%及21%,各至1,011億及540億元人民幣。
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