汇丰:下调中远海控(1919.HK)目标价至2港元 评级“减持”
汇丰研究报告指中远海控(1919.HK)
中期盈利的表现掩盖了其集装箱运输业务的疲弱。期内,净资产收益率升至2.6%,主要是由于合并了于2018年7月27日收购的东方海外国际(0316.HK)
,而导致运费及协同效应增加。然而,若撇除东方海外国际及子公司中远海运港口(1199.HK)
的盈利,中远海控的集装箱运输业务仍会录亏损。
该行将公司2019至2021年的盈利预测进一步下调,相信今年下半年的盈利表现将会较上半年疲弱。该行将其2020年的亏损预测扩阔至5.72亿元人民币,主要是受到IMO 2020限硫令的影响。重申公司“
减持
”投资评级,目标价由原来的2.5港元下调至2港元。
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