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《大行報告》匯豐研究:上海重新開放利好運費 重申中遠海控(01919.HK)及海豐國際(01308.HK)「買入」評級
匯豐研究發表報告,指在積壓需求支持下,來自上海的海運及空運持續加快,對海運及空運費率影響正面。付運在旺季進一步加快及假期前補貨加劇港口擠塞,亦推高運費。該行重申予中遠海控(01919.HK)及海豐國際(01308.HK)「買入」評級,目標價分別22元及55元;另予東方海外(00316.HK)「持有」評級,目標價225元。 報告稱,上海出口集裝箱運價指數(SCFI)按月續升0.3%,連升兩周,同時中國出口貨櫃運價指數(CCFI)更連升三周。運費上升反映積壓付運的動力正在加大。而且,5月首二十四日,上海港每日貨櫃吞吐量已達至疫情前95%水平,按月同期亦升4.2%,按年微跌1%。貨運樽頸仍存在,倘有任何改善將加快港口貨品流動。 此外,報告稱,空運費率正在復甦。過去一周上海往歐洲及北美空運費用增3%至9%。隨疫情限制放寬,上海80%空運貨運班次已恢復。因積壓訂單支持下,未來數周空運費率料進一步改善。不過,由於跨大西洋乘客需求復甦快過預期,機腹貨艙運力增加,空運費率受壓,按周跌9%,並較近期高位累跌32%。 匯豐料由於第三季展望可見度改善,市場將上調對航運股盈測,受惠於合約運費上升、現貨運費復甦,以及上海貨流復甦。
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