《大行报告》大和降海丰国际(01308.HK)评级至「持有」 目标价下调至7.8元
大和发表研究报告指,海丰国际(01308.HK)2019年盈利按年增长11%至2.2亿美元,符合该行预期的约2.17亿美元,但考虑到今年前景充满不确定性及挑战,将评级由「买入」降至「持有」。
大和表示,在销量和平均运费增长带动下,海丰国际去年集装箱运输及物流业务收入增长约7%,当中运费由去年第三季的下跌2%转为第四季的升5%,相信是由於期内竞争减弱所致。
该行认为,由於全球爆发新型肺炎疫情,令不确定性及风险有所增加,过去两个多月海丰国际有约10%付运受影响,但目前大部分航线已恢复营运。管理层对今年前景持相对谨慎看法,预计若疫情可快速受控,出货量仍将录得按年增长。惟大和预期,贸易活动将在第三季末开始回升,考虑到海丰国际业务高度依赖与亚洲市场,日韩市场出货量占比超过50%,将2020年出货量预测由增长6%下调至按年下跌3%。
大和并削减其2020至2021年每股盈利预测约32%至33%,目标价由11.5元下调至7.8元。
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