《大行報告》大和下調嘉裏物流(00636.HK)目標價至21元 評級「跑贏大市」
大和發表研究報告,將嘉裏物流(00636.HK)的目標價由26元降至21元,重申「跑贏大市」評級,上調對其2021至2023財年的每股盈利預測增長19至47%,反映對其於2021財年保持高運費率相對樂觀預期。
該行指出,與嘉裏物流管理層就其最近的業務發展進行通話,管理層認爲尚未看到受累於疫情導致的物流供應緊張(尤其是港口擠塞)將有任何改善,全球供應鏈短期內難以恢復,在脆弱的供應鏈下,相信海運和空運的運費於2022財年上半年將保持高位,估計公司收入將創新高。另外,管理層亦對公司與順豐控股(002352.SZ)合作的前景感到樂觀,但相信財政貢獻最早要至2022財年第四季纔會出現。
除了嘉裏物流獲順豐入主完成後宣派每股7.28元的特別息以外,該行估計公司將於2021財年下半年提供每股0.4元的股息,而2022財年的股息率約爲4%。該行又指公司近期成交量表明市場流動性不錯。
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