《大行報告》大摩降太平洋航運(02343.HK)評級至「與大市同步」 目標價1.14元
摩根士丹利發表研究報告指出,太平洋航運(02343.HK)日前公布今年首季營運數據,在現貨市場疲軟的情況下業績仍表現不錯,核心業務小靈便型乾散貨船(Handysize)和超靈便型乾散貨船(Supramax)每日租金分別較現貨市場高47%及82%。
公司解釋,Supramax表現強勁主要來自硫淨化器優勢,認為因低硫和高硫燃料現時的價格溢價,每日可獲利約1,000美元。首季短期船經營利潤為每日960美元,與過去12個月平均水平970美元相若。該行引述管理層表示,第二季業績或受到市場疲軟影響,當中農產品航運需求仍存在,而建築材料需求則可能受到環球經濟放緩所拖累。
大摩認為,太平洋航運現價低於其每股資產淨值1.1元,意味著股價下跌空間有限;但同時受疫情衝擊潛在需求的前景下,上行空間亦有限,因此將評級降至「與大市同步」。該行預期未來租金收入將下跌,將今年至2022年每股盈測分別降低58%、14%及11%,目標價維持1.14元不變。
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