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《大行報告》匯豐研究降東方海外(00316.HK)評級至「減持」 偏好中遠海控(01919.HK)
匯豐環球研究降東方海外(00316.HK)評級,由「中性」降至「減持」,目標價維持225元,偏好中遠海控H股(01919.HK),維持後者21元目標價及「買入」評級。該行同時上調東方海外及中遠海控H股今年盈利預測33%及9%,預期兩者上半年盈利分別按年升60%及24%。 報告指,東方海外今年股價連派息升54%,中遠海控H股累跌17%。該行認為,東方海外跑贏與市場流動性改善、對派息樂觀情緒及相對低稅率有關。中遠海控H股跑輸基於其派息展望不明朗及相對高稅率。 該行指,經過兩年超級盈利,航運股資產負債表建立大額現金。該行計算扣除現金的市賬率,發現東方海外市場率為2.32倍,中遠海控H股為負值,反映後者每股現金值高於股價。東方海外去年上半年派息比率達100%,中遠海控H股去年全年派息率僅16%,但基於今年預測的紀錄盈利。及中遠系內其他公司派息比率,認為後者在派息上或帶來驚喜。
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