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大行評級|大和:上調中遠海控目標價至14港元 當前風險回報比有吸引力
格隆匯 03-25 11:03
大和發表研報指,今年紅海海運服務恢復的可能性低,運費率暴跌的情況不太可能發生。不過美國關税的不確定性仍是今年的主要拖累因素,投資者對運費率前景的期望低,指其前景審慎正面。該行將今年海運運輸量按年增長預測,由中單位數下調至低單位數(即與行業增長率一致),同時預計中遠海控的運費率將按年下降低雙位數。大和預計,中遠海控今年盈利可能錄得按年下降,預計淨現金約1000億元,約佔公司交易股權價值的50%。該行亦料,中遠海控將維持其2025至2027財年股東回報計劃中50%的最高分紅比例,提供8%的股息收益率。在運費率預期疲弱及股價年內表現不佳的背景下,該行認為當前水平具有吸引力的風險回報比。另外,大和將中遠海控2025財年每股盈利預測下調38%,H股目標價由13港元上調至14港元,維持“跑贏大市”評級。
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