《大行報告》匯豐研究降中遠海控(01919.HK)評級至「持有」 目標價下調至9.5元
匯豐發表研究報告,指近期海運運價的反彈或會對中遠海運(01919.HK)的盈利產生積極影響,認為公司可以藉此機會提高客戶的運價和附加費,並協商勝於預期的2024年合約運價。
該行指與上一個周期比較,公司一直在投資可替代燃料的新建貨櫃船,以及港口和其他非海洋業務的財務股權。而且在上一個升級週期中改善了資產負債表,令公司能向股東分配股息。 不過該行亦認為,迫在眉睫的供應過剩風險仍會對公司股價構成重大威脅,特別是在2024年第一季紅海危機,導致運價由高峰回落的情況。因此匯豐將中遠海控目標價由10.5元下調至9.5元,同時將公司評級由「買入」下調至「持有」。
另外,匯豐將中遠海控2024年至2025年的運價預測下調2%。至於對公司2024年及2025年的經常性利潤預測,則分別下調20%及17%。該行認為緊急的供應過剩風險應該會對公司運價產生負面影響
,營運成本不太可能會出現類似的下調。(js/cy)
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