《大行報告》中金降海豐國際(01308.HK)目標價至16元 股息率具吸引力
中金發表報告指,海豐國際(01308.HK)去年業績差過該行預期,主要因為市場下行,去年貨量下降1.1%,單箱航運收入受市場運價下降影響下降41%。今年亞洲區域內供需改善,運價或提升。考慮到船廠產能有限及環保新規對有效運力的影響,未來小船運力增速或進一步受限。需求端貨量有望改善,隨著亞洲區域內產業轉移及越南等東南亞國家增長,公司貨量有望提升。
報告指,由於運價不及預期,下調2024年淨利潤預測23%至5.05億美元,首次引入2025年淨利潤預測4.43億美元。當前股價對應8.4倍2024年市盈率和9.6倍2025年市盈率,維持「跑贏行業」評級,下調目標價15.8%至16元。
公司宣布2023全年派發0.14美元股息,對應2023年分紅比例為70%,假設公司維持70%分紅率,則對應2024年股息率為8.3%,具有較強吸引力。
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