《大行報告》中金削嘉里物流(00636.HK)目標價45.5%至9元 業績遜市場預期
中金發表報告,指嘉里物流(00636.HK)上半年收入按年跌47%至253億元;核心純利按年降85%至3.7億元,惟較疫情前2019年上半年增長約10%;次季盈利按季增長逾30%。業績低於市場預期,主因貨運代理業務受運價及需求下行影響面臨陣痛、電商快遞業務虧損持續。國際貨運代理盈利面臨短期陣痛,靜待需求拐點。
報告稱,嘉里物流綜合物流盈利相對穩健,部分受防疫物資需求回落影響。電商快遞虧損持續,順豐整合協同緩解部分壓力。由於貨運代理業務量價短期承壓、泰國快遞盈利仍待修復,該行下調2023及2024年淨利潤預測50.5%及49.8%,至分別10.03億及12.91億港元。維持「跑贏行業」評級,目標價則下調45.5%至9元,相當於預測今明兩年市盈率分別16.2倍及12.6倍。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.