《大行报告》大和下调招商局港口(00144.HK)目标价至17.5元 评级「买入」
大和发表报告指,受内地疫情影响,招商局港口(00144.HK)首九个月总吞吐量仅按年增长0.2%。公司管理层表示,虽然存在宏观环境不确定性,但相比最近的航运价格下降趋势,业务表现总体具弹性,公司预计明年的吞吐量将按年呈低单位数增长。该行料招商局港口明年按年加价幅度将放缓至低单位数百分。
该行指,在下调吞吐量和平均售价增长假设以及提高营运成本后,将招商局港口2022年至2024年的每股盈利预测削减13至18%。
大和表示,重申招商局港口「买入」评级,并将目标价由18元下调至17.5元,此按综合方式作估值。
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