《大行報告》瑞銀下調中遠海運港口(01199.HK)目標價至4.8元 首九個月業績遜預期
瑞銀發表報告指,中遠海運港口(01199.HK)首九個月業績遜預期,目標價由5元下調至4.8元,以反映對2023至2025財年盈利預測分別下調4%/2%/1%。
報告指,中遠海運港口首九個月經常性淨利潤按年下降12%,低於市場和該行對全年按年增長3%的預期。該行認為首九個月業績疲軟的原因是合資公司的利潤貢獻減少,以及利率上升導致財務成本增加,加上行政費用增加。
管理層預計,全年權益吞吐量增長將與行業平均水平持平。在運費方面,管理層對通脹導致的海外港口運價上行潛力略表樂觀,而中國的收入及TEU上行空間不大。管理層亦強調通過低利率再融資控制利息成本的重要性,並繼續嚴格控制現金使用和應收賬款,今明兩年的資本支出將與之前的1至2年類似,重點將放在東南亞、中東、非洲和南美洲。
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