中金:海豐國際(1308.HK)特別股息超預期 重申“跑贏行業”評級
中金髮表研究報告,指海豐國際(01308.HK)派發特別股息回饋股東,體現公司未來發展信心。派發特別股息是公司回饋股東提高總資產收益率和淨資產收益率水平的良好途徑,尤其是考慮到公司從2021年往後將沒有重大的資本支出需求。假設中期和末期股息的合計支付比率為70%,加上此次特別股息,預計2019年全年股息收益率可達8.3%,2020年暫不考慮特別股息,則股息收益率為5.9%。
該行亦認為,公司有望受益於行業變化。在供給方面,該行認為隨着國際海事組織限硫令在2020年生效,小型集裝箱舊船拆解量有望增加。年初至今公司已有5艘新船交付,並計劃於2020年交付6艘新船,2021年交付1艘新船,相信這有助於海豐國際獲得市場份額,降低單箱成本。需求方面,預計2019年和2020年亞洲內部集裝箱運輸需求將分別按年增長3.2%和3.9%,同時注意到亞洲主要經濟體的PMI指數正在逐漸回升,認為公司可以通過徵收低硫油附加費的形式將油價的上漲轉嫁給客户。
該行將公司2019及2020年的盈利預測分別上調3%及5%,重申“跑贏行業”投資評級,目標價上調9.7%至10.95港元。

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