《大行报告》高盛升招商局港口(00144.HK)目标价至15.2元 去年下半年盈利复苏
高盛发表报告表示,招商局港口(00144.HK)去年纯利51.5亿元,剔除一次性因素,核心盈利稳定在41.6亿元,符合预期;公司旗下港口营运业务盈利按年跌16%至46.7亿元,主因未收到船公司款项而录拨备,而内地业务盈利跌9%,内地业务EBITDA亦由去年上半年按年跌25%,至去年下半年按年升26%。
该行指,招商局港口派每股末期息0.51元,每股全年派息0.69元,相等於47%派息比率。全年资本开支57亿,负债比率维持健康在25.4%,并维持出售非核心或效率较低业务。
该行指,招商局港口管理层料今年吞吐量增长为中单位数,且因货量强劲而有更乐观展望,公司亦计划将约2%的关税转嫁船公司,及计划调升海外费用约3-4%。该行上调对招商局港口2021年至2023年每股盈利预期4%,目标价由14元升至15.2元,评级「买入」。(ic/w) ~
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