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《大行報告》高盛首予中遠海控(01919.HK)「沽售」評級 重申「買入」招商局港口(00144.HK)及中遠海運港口(01199.HK)
高盛發表報告,首次給予中遠海控(01919.HK)「沽售」評級,表示對集裝箱航運行業看法並不樂觀,並預計由於供過於求和運費下降,航運公司的利潤亦將錄得下跌。 該行預測,中遠海控燃料開支調整後運費水平將於今年見頂,並在未來三年分別下降46%、26%及21%,同時單位成本將以每年2%的速度增長,預測公司EBIT利潤率將從今年的43%,逐步回落至2023至2025年的15%、4%及虧損11%,給予目標價6.8港元。 相比之下,高盛更看好港口業的防守能力,認為雖然航運市場處於下行週期,但關稅仍持續上漲,而港口關稅將取決於其自身利用率、成本加成及監管因素。 高盛重申對招商局港口(00144.HK)及中遠海運港口(01199.HK)的「買入」評級,預期公司明年起定價能力將提升,通脹成本亦可轉嫁予航運客戶,令其較具有防禦性,給予最新目標價分別為13.5及6.9元。
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