大和:升嘉裏物流(0636.HK)評級至買入 目標升至13.5港元
大和發表研究報告指,嘉裏物流(0636.HK)管理層對業務發展樂觀,儘管今年首季盈利料按年錄得低雙位數跌幅,惟第二季強勁表現可能超過首季的盈利跌幅;而公司擬開展股份回購計劃,故將嘉裏物流評級由優於大市,上調至買入,並將目標價由12.5港元,升至13.5港元。
大和指,嘉裏物流4月及5月份業務復甦強勁,管理層預期上半年盈利將按年錄得至少低雙位數升幅,主要受惠於本地市場需求強勁及產品目標策略成功所推動。該行續指,疫情令海運需求開始上升,而公司7月海運預約已滿期;基於公司可提供多元化產品及亞洲市場定位強勁,管理層稱有信心今年可實現純利增長。
該行又預期,公司將於今年底或明年首季完成分拆泰國嘉裏快遞(KET)於當地上市,並料KET可較疫情前享有較高估值。另外,管理層強調公司股價被低估,認為回購股份可展示出對其前景的信心。
大和上調嘉裏物流2020至2022年每股盈利預測9至14%,以反映疫情下業務復甦較預期理想。

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