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美銀美林:下調中外運(0598.HK)目標價至3.65港元 估值吸引評級“買入”
格隆匯 10-02 11:05

美銀美林發表報告,認為中國外運(00598.HK)收購KLG,其在歐洲的業務應使中外運能夠提供定製物流的端到端解決方案,未來將有助中外運提高客户的滲透率,保留率及細分利潤率。

此外,對於中外運收購佛山及香港吉寶物流,該行表示,由於港口的利潤增長前景不確定,對這筆交易感到中性。

該行指,即使中外運難以倖免於中國經濟放緩的影響,但上半年仍做到貨運代理和定製物流的EBIT(息税前利潤)增長。不過該行認為,由於人民幣疲弱、物流項目延誤導致貢獻減弱等因素,下調其2019至2021年盈利預測4%至8%,目標價相應下降15%,由4.3港元降至3.65港元,惟重申“買入”評級,因其估值吸引。

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