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《大行報告》大和上調太平洋航運(02343.HK)目標價至4.65元 評級「買入」
阿思達克 02-11 13:47
大和發表研究報告指出,太平洋航運(02343.HK)發盈喜,預期相比起2020年虧損2.08億美元,去年純利介乎8.3億至8.5億美元,且撥回核心小靈便型乾散貨船船隊1.52億美元的減值撥備。該行預期公司去年經調整盈利爲6.99億至7.19億美元。 該行認爲,波羅的海乾散貨指數(BDI)連續兩天有所改善,並於週三(9日)升13.8%至1,711的強勁增長,主要由於所有類型的船舶運費增加及需求增長,尤其在農曆新年後。近期BDI反彈可能受惠於補充鐵礦石庫存和糧食進口到中國。而太平洋航運股價由去年11月初觸底後開始反彈,該行預期超輕便極限型指數(BSI)及靈便型散貨船指數(BHSI)的復甦將成爲公司股價催化劑。 此外,該行指雖然船用燃料成本增加,但對太平洋航運的影響有限。根據公司建議的50%的股息政策,估計公司2022至2023財年的股息率達17至18%。該行對其2021財年每股盈利預測上調3%,以反映公司盈喜,但將其2022至2023財年每股盈利預測下調1%,重申對其「買入」評級,目標價由4.5元升至4.65元。
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