《大行報告》大和下調招商局港口(00144.HK)目標價至17.5元 評級「買入」
大和發表報告指,受內地疫情影響,招商局港口(00144.HK)首九個月總吞吐量僅按年增長0.2%。公司管理層表示,雖然存在宏觀環境不確定性,但相比最近的航運價格下降趨勢,業務表現總體具彈性,公司預計明年的吞吐量將按年呈低單位數增長。該行料招商局港口明年按年加價幅度將放緩至低單位數百分。
該行指,在下調吞吐量和平均售價增長假設以及提高營運成本後,將招商局港口2022年至2024年的每股盈利預測削減13至18%。
大和表示,重申招商局港口「買入」評級,並將目標價由18元下調至17.5元,此按綜合方式作估值。
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