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《大行報告》匯豐研究升太平洋航運(02343.HK)目標價至3.2元 重申「買入」
阿思達克 04-27 15:29
匯豐研究發表報告,指波羅的海乾散貨指數(BDI)升至十年高位,源於高質素巴西鐵礦砂出口至中國帶來的海岬型船板塊復甦、煤炭貿易自今年首季低位反彈,以及農作物及小型散貨展望正面。

報告稱,對短期乾散貨運需求展望仍強勁,同時未來數年船隊增長料持續放緩。太平洋航運(02343.HK)管理層上周在分析員日稱,首季中國乾散貨進口強勁,自美國進口農作物勢頭加大。太航料今年下半年需求維持強勁,受惠季節性因素及財政刺激。太航重申在航運業中,乾散貨運貨船領域的訂單最少,在乾散貨而言,超靈便型乾散貨船(Supramax)或小靈便型乾散貨船(Handysize)的貨船訂單更少。運費已復甦至2010年水平,太航料在未來環保管制不確定性下新船訂單維持疲弱。除在建訂單少外,太航預期未來對貨船能源及速度的管制將進一步限制運力。

匯豐上調太航2021至2023年盈測介乎39%至44%,料今年純利2.44億美元,高於市場預測23%。該行重申予太航「買入」評級,目標價由2.6元升至3.2元。本年至今太航股價累升64%,同期恆指升5%。考慮需求復甦剛開始,供需關係較對上十年改善,以及太航錄十年來最高利潤,料公司估值重評仍會持續。

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