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《大行報告》摩通首予招商局港口(00144.HK)「增持」評級 目標價12元
阿思達克 10-18 09:56
摩根大通發表評級報告,指自今年港口收費廣泛上調後,招商局港口(00144.HK)一直是當中的受惠者,與東盟港口類似,其由定價帶動的盈利增長料持續至明年。該行指,公司的多元化以及發展成熟的港口組合,均提供了足夠防禦能力,以應對經濟的不確定性,並有助公司更好地捕捉,由內地港口整合及疫後結構走勢等影響因素,令吞吐量上升的上行空間。 該行指,其被低估的可持續收費增長,料支持今年下半年至明年盈利表現,總體而言,該行仍認為招商局港口是一個積極的投資案例,同時其股息支付紀錄具持續性,即派息比率介乎40%至50%,並提供具吸引力的10%經常性收益率。首予其「增持」評級,目標價12元。
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