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《大行報告》美銀證券下調招商局港口(00144.HK)目標價至12.5元 評級「中性」
阿思達克 04-14 13:07
美銀證券發表的研究報告指,重申對招商局港口(00144.HK)「中性」評級,目標價降16%至12.5元,主要因為對其估算下調。管理層預計公司2020財年將錄低單位數跌幅,惟該行認為看法太過樂觀,該行現時估算跌幅達5-6%,此外亦有進一步的下行風險。

該行指出,公司今年首兩月吞吐量跌5.4%,管理層認為隨著內地復產吞吐量有改善,但受疫情影響出口需求似乎仍然疲弱,公司將今年吞吐量展望由維持平穩降至低單位數跌幅。公司亦預期吞吐量將較穩健,因為中國出口大部分為日用必須品,惟該行對於其海外接觸面提供緩衝的看法並不是太樂觀。

該行將公司2019財年核心盈利預測降4%至41億元,而公司估計其每股派息將符派息政策,意味派息比率為40-50%,該行將其2020及2021財年核心每股盈利預測降20%及14%,但假如吞吐量跌10%,將為該行的每股盈利預測帶來10-15%的下行空間。(el/k) ~

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