大摩:看好今年運輸業,予春秋航空、太平洋航運等股增持評級
大摩發表研究報吿指,邊境重開,後疫情供應鏈正常化,監管影響會帶動今年中國運輸行業。該行偏好中通快遞(2057.HK)、春秋航空、太平洋航運(2343.HK)、招商局港口(0144.HK),均予“增持”評級。
該行仍預期,極端受壓的航空業會於未來12-18個月好轉,但相對看好航空股多於機場概念股。
另一方面,預期今年乾散貨船上升週期持續,由於環球資本開支強勁擴張,以及新產能的低交付量。貨櫃運輸方面,預期現貨市場最少於上半年續呈升勢,因部份供應鏈瓶頸屬結構性影響。新續長期合約的相關營運商季度盈利料創新高。運油輪市場則續受壓。
港口股方面,該行料今年可獲重估,因預期明年更多港口跟隨上調裝卸費,以及中美貿易緊張關係緩和。
內地快遞板塊方面,基於運送量增長潛在放緩,及行業持續產能擴張,該行認為,價格競爭或有中等機率從監管環境中恢復。
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