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《大行报告》汇丰研究升太平洋航运(02343.HK)目标价至3.2元 重申「买入」
阿思达克 04-27 15:29
汇丰研究发表报告,指波罗的海乾散货指数(BDI)升至十年高位,源於高质素巴西铁矿砂出口至中国带来的海岬型船板块复苏、煤炭贸易自今年首季低位反弹,以及农作物及小型散货展望正面。

报告称,对短期乾散货运需求展望仍强劲,同时未来数年船队增长料持续放缓。太平洋航运(02343.HK)管理层上周在分析员日称,首季中国乾散货进口强劲,自美国进口农作物势头加大。太航料今年下半年需求维持强劲,受惠季节性因素及财政刺激。太航重申在航运业中,乾散货运货船领域的订单最少,在乾散货而言,超灵便型乾散货船(Supramax)或小灵便型乾散货船(Handysize)的货船订单更少。运费已复苏至2010年水平,太航料在未来环保管制不确定性下新船订单维持疲弱。除在建订单少外,太航预期未来对货船能源及速度的管制将进一步限制运力。

汇丰上调太航2021至2023年盈测介乎39%至44%,料今年纯利2.44亿美元,高於市场预测23%。该行重申予太航「买入」评级,目标价由2.6元升至3.2元。本年至今太航股价累升64%,同期恒指升5%。考虑需求复苏刚开始,供需关系较对上十年改善,以及太航录十年来最高利润,料公司估值重评仍会持续。

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