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《大行報告》瑞信首予太平洋航運(02343.HK)評級「跑贏大市」 目標價5元
阿思達克 06-14 10:13
瑞信發表研究報告指出,太平洋航運(02343.HK)為龍頭散裝船運商,儘管行業供應緊張,以及俄烏衝突令貿易流動變化的情況下,公司的盈利勢頭依然穩固。該行首予太平洋航運評級「跑贏大市」,以現金流折現率計,目標價5元;並形容估值不高,現相當於預測今年市賬率1倍,低於2.8倍的歷史均值;伴隨強勁自由現金流生成,以假設50%分派比率計,今年股息率料達19%。 該行認為,刺激政策以及新的貿易流動或有助轉移經濟不利因素,雖然俄烏衝突的影響、中國經濟趨勢疲弱及商品價格高企可能拖累潛在的需求,但俄羅斯遭受制裁導致貿易模式有所轉變,加上中國的潛在基建投資,以及行業有紀律的船隊供應,相信有利於太平洋航運的盈利勢頭。
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