大和:降中遠海運港口(1199.HK)目標價至9.5港元 上季業績遜預期
大和發表報告表示,中遠海運港口(01199.HK)首三季純利按年跌10%,撇除青島港國際一次性股權攤薄影響,經調整後純利則按年微跌0.8%,亦差過該行預期,若進一步撇開新會計準則的財務影響後,經調整盈利按年增長5.4%。期內整體經營開支上升。
該行認為,中遠海運港口持續透過併購及航運聯盟的協同效應帶來擴張。大和下調其2019至2020年盈利預測13%至16%,以反映第三季業績及調整其運量及利潤的預測,目標價相應由11.6港元下調至9.5港元,更預期公司要2020年以後才會有復甦,但維持“買入”評級。

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