《大行报告》汇丰研究上调太平洋航运(02343.HK)目标价至2.3元 评级「买入」
汇丰研究发表报告,指波罗的海乾散货综合运费指数(BDI)在去年下半年反弹逾倍,有别於上半年的疲弱表现,有助太平洋航运(02343.HK)在去年下半年实现800万美元的边际经常性利润。然而,其盈利表现大大低过该行及市场预期,主要是因为船员变动而导致营运成本增加。
该行指,公司管理层对今年及之後的前景作强劲的展望。旗下小灵便型散货船於2021年第一季的收租日数中,已有94%按日均租金10,150美元订约,2021全年有46%按日均租金9,830美元获订约。在超灵便型乾散货船中,2021年首季有100%按日均租金10,150美元订约,全年则有63%按日均租金11,050美元获订约。
该行重申太平洋航运「买入」投资评级,目标价由原来的1.7元上调至2.3元。随着需求复苏的情况只是刚开始,与过去十年相比,现在的供求关系已有所改善,而具利润达到十年来的最高水平,相信此股的重估应会继续下去。
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