《大行報告》花旗:中遠海控(01919.HK)股價過度調整 重申「買入」看23.3元
花旗發表報告指中遠海控(01919.HK)股價在9月27日下跌了14.3%,可能是因市場考慮到據報中國交通運輸部採取措施抑制集裝箱運價的飆升,以穩定國際供應鏈和促進貿易。潛在的措施包括:鼓勵班輪公司增加來自中國大陸的運力;敦促集裝箱製造商增加生產;敦促託運人增加與班輪公司的長期合同。
花旗認為關鍵的關注點在於中國已經將每月的集裝箱箱體產量從之前的20萬標箱增加到50萬標箱,這可能會緩解設備短缺,從而導致費率降溫。
花旗又認為該股目前股價過度調整,因政府或其他機構不太可能直接影響國際航線上的集裝箱運價,相信雙贏的政策,例如對港口費用的返還或對託運人的運費補貼更具可持續性,且班輪公司一直在增加來自亞洲包括中國在內的運力。重申中遠海控「買入」評級,目標價23.3元,並預計其淨現金狀況可能會在2022年派特別股息。
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