《大行報告》摩通上調大平洋航運(02343.HK)目標價至4.2元 評級「增持」
摩根大通發表研究報告,維持予太平洋航運(02343.HK)「增持」評級,認爲公司本年至今股價累升約100%,跑贏恆指同期表現,主要受惠運費提升,期內波羅的海乾散貨指數 (BDI)及波羅的海小靈便型乾散貨指數(BHSI)分別自去年底升120%及150%,展望未來,該行認爲整體散貨需求前景仍然利好,加上訂單與貨輪比率達歷史低位,同時新貨輪交付有限,考慮相關因素,將公司2021及2022年盈利預測升55%及80%,目標價由4.1元升至4.2元,認爲上半年業績應強勁,並期望公司將有正面指引。
該行指出在環保監管收緊的情況下新供應仍然有限,爲業界帶來「真空期」,儘管運費反彈,但航運業亦抗拒訂製新船,令行業訂單與貨輪比例跌至數十年低位,該行指出業界對訂新船取態保守主要因爲在減碳的大方向下,貨輪設計等仍存在不確定性,另一方面策略性轉向建造利潤較高的集裝箱船,亦令大部分船廠爆滿。
該行指出近期海運穀物貿易壓力有所緩和,主要受季節性因素影響,加上中國正完成補充生豬,中期來看相信中國對穀物的需求維持利好,主要受惠動物蛋白質消費增加,以及豬肉生產穩定。此外,全球推出基建刺激措施料將進一步帶動工業活動,並推高對建築物料的工業需求,最後集裝箱運費較高亦會爲散貨貨運帶來溢出需求。
該行估計公司今年上半年稅後溢利將爲1.35億美元,而去年同期則錄2.22億美元虧損,留意到近期市場對公司盈利亦有正面調整,將其2021及2022年預測升最多80%,認爲行業運費及盈利能力仍存在上行空間。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.