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《大行報告》大摩升招商局港口(00144.HK)目標價至15.9元 屬行業首選
摩根士丹利發表研究報告指,招商局港口(00144.HK)公佈上半年初步業績,純利按年升逾170%至超過41.7億元,勝預期。撇除上港集團(600018.SH)強勁盈利貢獻,純利按年升245%至14.3億元,反映強勁貨運量及出售大連聯營單次性收益。該行上調招商局港口2021至2023年每股盈測分別24%、10%及9%,維持「增持」評級,目標價升10%至15.9元。

該行對招商局港口維持正面,因預期中國下半年出口增長維持相對強勁;港口費率定價有進一步上行空間,港口費率料受航運上行週期,人民幣升值及貨運組合改善所支持。招商局港口是該行行業首選,現時估值相當於預測市盈率7倍,仍遠低於2019年水平,股息率達7%屬吸引。

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