大和:上調海豐國際(1308.HK)目標價至11.5港元 維持“買入”評級
大和發佈報告稱,上調海豐國際(1308.HK)2020-2021每股盈測4-7%,同時提高2021-2021年派息比率預測,由71%升至75%,上調目標價由11港元至11.5港元,維持“買入”評級不變。
該行稱,《2020年海事國際條例》推出,可能會令小型船隻市場供應趨緊,同時因為供應限制,預計海豐可以轉嫁成本。該行還稱,《2020年海事國際條例》即由2020年1月1日起,船舶只被允許使用最高含硫量為0.5%的燃料,而目前使用的燃料含硫量為3.5%。
《2020年海事組織條例》是國際海事組織減少海洋污染的第一系列措施。使用低硫燃料是海運業減少污染的主要解決方案。該行引述海豐稱,公司相信會令老化及燃油效益不足船隻報廢,而至今公司已可轉嫁大部份成本。

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