《大行報告》匯豐研究:寧波舟山港裝卸費上調10% 重申招商局港口(00144.HK)及中遠海運港口(01199.HK)「買入」評級
內地寧波舟山港日前宣佈,對船方20英尺及40英尺的空箱及重箱裝卸船費加價10%,明年1月1日開始執行。匯豐研究預期,其他內地港口會跟隨,重申招商局港口(00144.HK)和中遠海運港口(01199.HK)「買入」評級,目標價分別爲17元和8.5元,指其估值仍然吸引。
匯豐研究假設其所涵蓋的中國港口運營商可受惠於明年5%至10%的收費增長,若來自收費上調及邊際稅率25%的收入佔中國港口組合收入的80%,料收費每上調5%,將提升招商局港口明年經常性利潤預測14%,並推動中遠海運港口明年經常性利潤預測15%,不過由於收費上調實際影響的清晰度有限,該行未有改變其盈利預測。
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