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《大行报告》大和上调海丰国际(01308.HK)目标价至29元 评级「买入」
阿思达克 03-09 09:49
大和发表研究报告,指海丰国际(01308.HK)去年经营效率强劲,收入和纯利分别增长9%及60%,受惠运量和费率於下半年强劲增长,同时燃料费和包租运费降低,公司毛利按年扩7.2个百分点至26.4%创纪录高。在现金结余充裕下,去年公司派息比率升至81%,剔除特别息後则为70%,管理层指引未来会维持70%水平。大和升海丰国际今明两年每股盈测分别10%至13%,目标价由26元升至29元,评级「买入」。

该行指出,管理层未有对疫情後的贸易需求有担忧,相信有多项增长动力推动长远增长,包括跨境电商等。在供应方面,由於结构问题,特别是近年缺乏船只新订单和码头设施,未来两至三年料难以解决供应缺口,追回需求增长需时;大和称,未来数年或迎来航运业牛市。

大和又称,海丰国际持续提高其长期合约费率,可以支持今年运费。虽然今年低燃料费用的因素将消退,管理层指对毛利压力影响有限,目前亦无增加船只的打算,目前在手仍有27艘船订单,足以支持未来两至三年发展。

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