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《大行報告》大和上調海豐國際(01308.HK)目標價至29元 評級「買入」
阿思達克 03-09 09:49
大和發表研究報告,指海豐國際(01308.HK)去年經營效率強勁,收入和純利分別增長9%及60%,受惠運量和費率於下半年強勁增長,同時燃料費和包租運費降低,公司毛利按年擴7.2個百分點至26.4%創紀錄高。在現金結餘充裕下,去年公司派息比率升至81%,剔除特別息後則為70%,管理層指引未來會維持70%水平。大和升海豐國際今明兩年每股盈測分別10%至13%,目標價由26元升至29元,評級「買入」。

該行指出,管理層未有對疫情後的貿易需求有擔憂,相信有多項增長動力推動長遠增長,包括跨境電商等。在供應方面,由於結構問題,特別是近年缺乏船隻新訂單和碼頭設施,未來兩至三年料難以解決供應缺口,追回需求增長需時;大和稱,未來數年或迎來航運業牛市。

大和又稱,海豐國際持續提高其長期合約費率,可以支持今年運費。雖然今年低燃料費用的因素將消退,管理層指對毛利壓力影響有限,目前亦無增加船隻的打算,目前在手仍有27艘船訂單,足以支持未來兩至三年發展。

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