《大行報告》大和升招商局港口(00144.HK)目標價至17元 重申「買入」
大和發表研究報告,指昨日(19日)招商局港口(00144.HK)管理層提供了業務及展望更新。首三季吞吐量按年升15.4%,當中珠三角升13.7%。長三角升9.6%,整體海外組合升22.1%。首三季自然本地及海外按年增長各爲8%。9月國內吞吐量按月下跌,主因颱風來襲。招商局港口今年費率固定,但今年12月將開始討論明年港口費率,管理層料需時兩個月;並料全年吞吐量按年有高單位數升幅。
報告引述管理層稱,供應鏈幹擾料開始紓緩,指近期港口擠塞情況緩和,相信下月將解決貨櫃輪不足問題。至於「電荒」影響方面,管理層稱,貿易需求動力維持,即使生產受影響,航運需求亦只是被延後。
大和表示,招商局港口受惠東南亞一些國家封城措施,如越南,促使生產商將訂單轉移至中國。管理層相信工業生產由中國轉向東南亞的步伐將放慢,因爲中國防疫措施成效良好;內地政府改善經商環境,以減少企業經營成本,料生產訂單在中國境內轉移,如由珠三角轉移至長三角,而不是離開中國。報告認爲招商局港口受惠以上因素。
報告維持招商局港口2021至2023年盈測,重申「買入」評級,以分類加總估算法計,目標價由16.5元升至17元。
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