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《大行報告》大和下調中遠海運港口(01199.HK)目標價至7元 評級「買入」
阿思達克 10-28 12:24
大和發表研究報告指,中遠海運港口(01199.HK)第三季收入按年升18%,經調整利潤則增長11.7%至8,830萬元人民幣,經調整後毛利率提升1.2個百分點至27.4%,季績符合預期。 報告指,公司第三季附屬吞吐量增長面臨壓力,總吞吐量僅增長1.4%,但銷售均價增長則強於預期,中國及歐洲附屬港口收費分別增長4%至5%,及29%。 雖然鹽田港等中國出口港口表現疲軟,但公司管理層仍將全年吞吐量增長目標維持在低單位數;由於宏觀環境高度不確定,管理層未公有2023年吞吐量增長指引,預期中國業務平均價格增長將在高基數上放緩,而海外港口則受通脹相關調整所推動。 大和微調中遠海運港口今年每股盈利預測,以反映銷售均價增長高於預期,重申「買入」評級,但由於下調吞吐量及均價增長預測,將2023至2024年每股盈測下調9%至12%,以現金流折現率計,目標價從8.2元下調至7元。
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