《大行報告》瑞信上調海豐國際(01308.HK)目標價至45元 評級「跑贏大市」
瑞信發表研究報告指出,海豐國際(01308.HK)去年純利11.6億美元,略高於初步指引的11.5億美元。此外,管理層相信俄烏發展對公司營運影響有限,但根據情況發展,可能會因船舶停航等,而令行業運力減少。另由於補貨需求,料短期需求應會在3月底前而有所改善。
該行認為,由於短期的不確定性,海豐國際不僅有更多的長期合同簽約(更高的運費及貨運量),但也專注於優質客戶,更能抵禦經濟不利因素。長期需求方面,公司應受電商、自動化及新能源產品的支持。
此外,瑞信認為隨著舊船退役,海豐國際將於2024年有重大的下一輪船隻交付以作為緩衝,但基礎設施擴張緩慢或仍是供應鏈瓶頸。另認為公司成本可控。對公司的2022至2023財年盈利預測上調3%至4%,目標價由44元升至45元,維持「跑贏大市」評級。
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