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《大行報告》大和下調中遠海運港口(01199.HK)目標價至6元 評級「買入」
阿思達克 07-06 10:39
大和發表研究報告,指中遠海運港口(01199.HK)無提供對今年吞吐量的指引,主因新冠疫情帶來不確定性,但內地港口在第二季起見復甦,同時重申穩定的派息比率和審慎財務計劃。管理層相信其全球化的策略,有助與航運夥伴及母企產生協同效應,另旗下東方海外國際(00316.HK)未來五年運載量料加快增長。

該行指出,中遠海運港口旗下碼頭資產的的內部回報率目標為低雙位數,同時會出售低效益的碼頭,加快資產流轉,並尋求戰略新興地區的投資機遇。大和稱,中遠海運港口計劃下半年出售太倉碼頭權益,並投放更多資源於南通及武漢,旨在強化在長江流域的業務組合。

大和又稱,公司計劃在東南亞市場進行更多併購,另指其今年資本開支計劃規模與去年相若。該行下降中遠海運港口2020至2022年純利預期10%至11%,以反映對吞吐量及毛利率預測下調;以現金流折現率計,目標價由6.6元降至6元,評級「買入」。

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