中遠海運港口(01199.HK):全球化擴張策略顯現協同效應,維持“收集”評級,目標價7.90港元
機構:國泰君安
評級:收集
目標價:7.90港元
2019年第3季度,公司收入2.5億美元,同比上升0.7%,符合我們預期。2019年第3季度,由於銷售成本的上升,毛利率收窄3.8個百分點。同時,股東淨利同比下降4.4%至71.8百萬美元,略微低於預期。2019年前3季度,公司經調整股東淨利同比上升5.4%。由於海外增長和海洋聯盟的帶動,2019年前10個月總吞吐量同比上升4.9%。海外碼頭吞吐量表現持續優於大中華區。公司全球化策略能更好地滿足其母公司和海洋聯盟的需求。
新收購和技術引進支持產能擴張,整合提升碼頭效率。錢凱港口項目為公司在南美地區的第一個控股項目,其預計在第一階段提供1百萬標箱產能。同時,在澤布呂赫碼頭已經成功應用的NavisN4系統將進一步提高效率。另外,公司擬對三個碼頭的出售表示出公司優化其港口組合的意圖,這符合公司的長期戰略。天津碼頭整合有望提升整體效率。
維持“收集”評級並下調目標價至7.90港元。現在看來,中美貿易局勢的不確定性仍左右市場情緒。但是我們認為在海洋聯盟支持下的公司全球化戰略將幫助公司實現其2019年權益吞吐量目標。我們新的目標價對應8.1倍、8.1倍及7.5倍的2019-2021年市盈率。

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