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大行評級|美銀:上調中遠海運港口目標價至11港元 評級“買入”
格隆匯 04-29 14:48
美銀證券發表研究報吿指,中遠海運港口2024財年第一季淨利潤表現,與該行預測基本一致。不過同期的國際運價按季增長4%,按年下跌3%;至於同期的國內運價則按年下跌6%,該行表示上述運價表現令人失望。該行亦指,公司的船舶租賃和液化天然氣業務收入領先該行預期,不過公司今年首季度15%的有效税率則低於預期。美銀證券引述中遠海運港口管理層指,由於供應量低迷及非石油輸出國組織國家出口增加,料原油油輪基本面將呈現正面趨勢。不過公司亦承認,季節性、貿易模式和煉油計劃變化將帶來波動。鑑於今年首季度的疲弱表現、第二季度營業情況較為艱難,以及超大型油輪(VLCC)遠期曲線,將於第二季度及第三季度處於收支平衡。該行因而假設今年國際油輪運價,將於去年比較持平,並預計將於2025年恢復增長。該行將中遠海運港口2024至2026財年的每股盈利預測,平均下調1%。同時假設利率將按年下跌,尤其影響國內油輪業務。不過船舶租賃及液化天然氣業務收入改善,加上國際銷量增長將足以抵銷以上影響。美銀證券將中遠海運港口目標價由10.5港元上調至11港元,評級“買入”。
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