《大行报告》汇丰研究指码头持续挤塞续推高航运费率 海丰国际(01308.HK)及中远海控(01919.HK)料追落後
汇丰研究发表研究报告,指截至上周五(4日),上海出口集装箱运价指数(SCFI)按周升3.4%再创历史新高,在苏伊士运河堵塞事件起十周以来累升41%,在强劲需求下港口挤塞及空船航行以恢复航程表推动这一波升势;本季至今平均按季亦升12%。
报告称,深圳盐田港的挤塞进一步恶化。马士基并指挤塞情况已蔓延至邻近蛇口港。该行料有关干扰将令整个供应链出现迟滞,包括欧美码头,将费率正常化推迟至2022年。另外,明年美国西岸港口将与美国国际码头及仓储工会(ILWU)讨论雇员合约,历史上经常引起货运延滞,料挤塞情况将延续。
汇丰研究认为,市场仍未留意航运费率上行动力较原先预期为长,料市场对航运股的估算有上行调整风险。过去四星期,航运股股价表现分化,一些创新高一些在较低水平徘徊。随着市场逐渐确认板块强劲基本面,料落後股如海丰国际(01308.HK)及中远海控(01919.HK)将在同业间追落後。
该行予海丰国际及中远海控「买入」评级,目标价分别45元及24元。
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