《大行報告》高盛升中遠海運港口(01199.HK)目標價至9.4元 評級「買入」
高盛發表研究報告指中遠海運港口(01199.HK)首季業績穩固,受惠低基數,核心純利按年升1.4倍至7,300萬美元,相當於該行全年預測的24%。復甦受惠於部分海外碼頭扭虧為盈,碼頭組合下歸屬吞吐量按年升幅由去年末季的4%加快至7%,以及每貨櫃收入增加。
報告稱,公司在與航運商談判的同時,正在部分碼頭提升費用;每貨櫃平均收入按年升11%,部分受惠於貨運組合改變,及歐元及人民幣相對美元升值7%至8%。高盛稱,隨著多國恢復通關,海外碼頭料受惠,總海外碼頭吞吐量去年以來首錄雙位數增長,3月按年升15.7%。
展望未來,中遠海運港口管理層審慎樂觀,料吞吐量增長跑贏同業,受惠近期權益併購。考慮季績及外匯變動,該行上調公司2021至2023財年每股盈測介乎4%至8%,以貼現現金流計算的目標價由8.9元升至9.4元,評級「買入」。即使公司自去年次季低位約4元累升約61%,估值仍然不高,現價相當於今財年預測市盈率8倍,預測市帳率0.4倍及股息率4.9%。該行偏好中遠海運港口多於招商局港口(00144.HK)。
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