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《大行報告》大和上調海豐國際(01308.HK)目標價至45元 評級「買入」
阿思達克 06-18 11:52
大和發表的研究報告指,海豐國際(01308.HK)於6月17日發盈喜,料上半年純利4.4億至4.8億美元,高於去年全年淨利,主要因為集裝箱航運及物流服務需求較去年同期有所增加及經營效率有改善,該行認為上半年盈利強勁主要受惠運費較高及貨運量增長勢頭強勁,因此將2021年平均運費增長預測由11%提升至55%,維持對2021年貨運量增長預測在20%,因為今年僅一新船交付。該行估計現時運費較高的情況將持續至下半年旺季,但不預期會持續至2022年,並料2022至2023年運費將跌約5%。不過該行對公司運量增長維持信心,主要因為船隻交付強勁。

公司於6月決定購買8艘新船,料將在2022至2023年交付,意味2021至2023年將分別有1艘、19艘及15艘船交付,料運力在2022至2023年將增26%及16%,到2023年自有船隻將佔整體運力的78%。

該行將公司2021至2023年每股盈測升70%至97%,認為今年以來公司股價已升70%,但考慮到盈利增長穩健,加上股息率7%,應可支持股價表現,將目標價由34元升至45元,評級「買入」。

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