《大行報告》美銀證券恢復覆蓋嘉裏物流(00636.HK) 予「買入」評級目標價24元
美銀證券恢復覆蓋嘉裏物流(00636.HK),予其「買入」評級,目標價24元。該行認爲供應鏈中斷和高運費料最少持續到明年上半年,有利嘉裏物流這類靈活的貨運代理,剝離香港倉庫後,嘉裏物流大致上是輕資產,未來資產收益率會更高,與新控股股東順豐控股(002352.SZ)亦有收入和成本協同效應。
美銀證券估計,假設運費將在明年下半年開始正常化,嘉裏物流在剝離香港和臺灣的資產後,今個財政年度盈利會增長93%,之後盈利會在2022財年趨穩,並在2023財年軟着陸。
美銀證券表示,考慮到順豐的規模要大得多,嘉裏物流有機會能節省於內地的運費成本,應有助於嘉裏物流內地綜合物流業務毛利率由去年的4.4%提升到2023年的6%。該行說,嘉裏物流若與順豐規模60億元人民幣的國際轉運部門合作,將有潛力帶動盈利增長6%,該利潤增長尚未反映於該行的估計中。
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