《大行報告》大摩下調海豐國際(01308.HK)目標價至38.6元 評級「增持」
摩根士丹利發表報告,認為目前海豐國際(01308.HK)的估值已經反映非常悲觀的盈利前景,將其2022年盈利預測上調9%,反映了好於預期的現貨市場價格和更高的出售資產收益,惟被成本上漲預期所部分抵銷。
考慮今年下半年至明年宏觀環境逆風對市場帶來壓力,大摩將海豐國際2023年和2024年盈測分別下調12%和11%,以反映在亞洲區內貿易增長放緩下,即期運費潛在回調,惟被運力擴張所部分抵銷;報告仍喜好公司優秀成本管理,及致力開發亞洲區內市場;該行降其目標價12%,由43.9元下調至38.6元,評級「增持」。
大摩引述管理層預期短期現貨市場弱勢或將結束,近期東南亞航線大幅回調,預計即期運費將在9月跟隨季節性反彈,但管理層取態較三個月前為淡,預料未來一至兩年需求面承壓。
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