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交銀國際:升中外運(0598.HK)評級至“買入” 目標價3.2港元
格隆匯 01-17 17:41

交銀國際發佈報告稱,將中外運(0598.HK)目標價從2.9港元上調10.3%至3.2港元,鑑於估值吸引、物流業務復甦,以及貨代業務量今年進一步增長,該行同時將其評級從“中性”上調至“買入”。

該行預計,中外運的貨運代理收入將在2019年下半年表現持平,是因為期內貨運量呈低單位數增長及運費表現疲弱。但是,該行預計中外運的貨代業務將在2020年逐步恢復。

對於物流板塊,該行認為,2019年“一帶一路”倡議下新籤合同的穩健增長可能會推動2020年下半年的項目物流業務量增長。此外,預計2020年物流板塊的毛利率將因低毛利合同的減少而得到改善。

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