《大行報告》瑞銀降招商局港口(00144.HK)評級至「中性」 目標價下調至12.8元
瑞銀發表研究報告指,招商局港口(00144.HK)股價自去年10月底低位累升32%,令股價接近2019年底疫情前的水平。然而,基於疲弱的2023年全球貿易前景以及該行預計今年不會上調港口收費,該行對公司看法更趨審慎。從長遠來看,該行對收費上調的潛力仍然充滿信心。
該行預計集團2023年集裝箱吞吐量按年下降4%,其中,中國港口按年下降3%,海外港口按年下降5%。在珠江三角洲,該行預計集團將從和記港口信託(HPH Trust)的香港和鹽田碼頭奪取市場份額,因為集團專注於亞洲區內貿易,而後者偏向對美國或歐盟貿易。儘管該行認為2023年收費上調的可能性很小,但由於集團在上海和深圳西部的戰略佈局,以及中國的港口收費遠低於全球平均水平,對長期收費上調維持信心。
該行表示,由於2023年集裝箱航運利潤貢獻料按年下降79%,及房地產開發利潤貢獻可能減弱,預計市場對集團2023年盈利預測或被大幅下調。該行將目標價由16元下調至12.8元,評級由「買入」降至「中性」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.