《大行報告》匯豐研究下調太平洋航運(02343.HK)目標價至1.3元 評級「買入」
匯豐研究發表報告指,上半年波羅的海乾散貨綜合指數(BDI)暴跌,導致太平洋航運(02343.HK)由2019年同期的接近收支平衡,下跌至今年上半年錄得經常性虧損2,700萬美元。但該行預期,BDI或已見底,重申「買入」評級。
報告指,管理層預計季節性因素影響,下半年表現將更強勁,預期船隊增長放緩下,公司目標是繼續減少其長期租賃船隊,降低核心船隊收支平衡水平。匯豐研究估計下半年需求將上升,但預測今年全球乾散貨貿易噸位航距將下跌4.3%,較2009年環球金融危機時期更差,預期小宗乾散貨及煤炭表現不佳,但穀物和鐵礦石貿易將保持穩定,並相信今年需求供應缺口可能會擴大。
受上半年疲弱表現影響,該行認為太平洋航運下半年雖或會錄得盈利,但今年全年仍將錄得虧損,預期按年盈轉虧,蝕約900萬美元,預測遠低於市場普遍預期的蝕1.08億美元,將目標價由1.7元降至1.3元,以反映短期前景疲弱。
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