《大行報告》匯豐研究升中遠海控(01919.HK)評級至「持有」 目標價上調至7.6元
匯豐研究發表報告表示,將中遠海控H股(01919.HK)評級由「減持」上調至「持有」,目標價由7.4元上調至7.6元。
該行下調對公司2022至2024年貨運量增長預測1%,反映全球貨櫃貿易悲觀展望,同時下調今明兩年運費預期2%,反映市場貨運價格基於產能過剩風險持續受壓,但上調今明兩年EBITDA預測13%至17%,反映涉及碼頭、港口及其他公司投資的合營及附屬收益增長,亦上調今明兩年盈利預測66%至70%,反映剩餘資金帶來的利息收入增加。
該行亦指,公司既有貨運費用定價處紀錄高位,加上全球貿易環境今年更具挑戰性,預期中遠海控面臨經營挑戰。該行預期今年主要航線重訂運費時,定價更為接近成本水平的風險顯著上升,意味短期內貨櫃運輸航線在市場嚴重供過於求情況下,維持定價能力的挑戰增加,意味主要航運公司今年以至明年面臨巨大的盈利率壓縮。
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