《大行報告》摩通下調太平洋航運(02343.HK)目標價至3.3元評級「增持」 前景轉佳
摩根大通發表報告指,太平洋航運(02343.HK)在經歷過去一年半的市場調整後,前景變為更明朗,今年4月至8月乾散貨運市場差過預期,但行業基本面近月已開始改善,自8月以來不同種類的貨船,現價運費均回升,升幅介乎35%至50%,主要受惠需求改善;內地造船及汽車行業增長推動鋼鐵原材料需求上升、抵銷房地產市場疲弱的拖累;巴拿馬運河管理局限制通行船隻的吃水深度及數量,引致航運供應緊張。
該行認為,內地刺激措施推動建築活動加快,在長雨季後要追回建設進度,都會令需求進一步改善。計及4月之前運費下跌的因素,將太平洋航運2023至2025年稅後純利預測下調約55%,但若果短期內運費持續復甦,預測會有上調空間,目標價由4元下調至3.3元,評級「增持」。
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