《大行报告》高盛升中远海运港口(01199.HK)目标价至9.4元 评级「买入」
高盛发表研究报告指中远海运港口(01199.HK)首季业绩稳固,受惠低基数,核心纯利按年升1.4倍至7,300万美元,相当於该行全年预测的24%。复苏受惠於部分海外码头扭亏为盈,码头组合下归属吞吐量按年升幅由去年末季的4%加快至7%,以及每货柜收入增加。
报告称,公司在与航运商谈判的同时,正在部分码头提升费用;每货柜平均收入按年升11%,部分受惠於货运组合改变,及欧元及人民币相对美元升值7%至8%。高盛称,随着多国恢复通关,海外码头料受惠,总海外码头吞吐量去年以来首录双位数增长,3月按年升15.7%。
展望未来,中远海运港口管理层审慎乐观,料吞吐量增长跑赢同业,受惠近期权益并购。考虑季绩及外汇变动,该行上调公司2021至2023财年每股盈测介乎4%至8%,以贴现现金流计算的目标价由8.9元升至9.4元,评级「买入」。即使公司自去年次季低位约4元累升约61%,估值仍然不高,现价相当於今财年预测市盈率8倍,预测市帐率0.4倍及股息率4.9%。该行偏好中远海运港口多於招商局港口(00144.HK)。
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