《大行報告》大摩:東方海外(00316.HK)上季盈利開始反映運費下跌 料今明兩年盈利進一步放緩
摩根士丹利發表報告指,東方海外(00316.HK)去年第四季度總收入按年下降37%至31.82億美元;銷量按年下降5.6%,優於該行預測的按年跌的8.6%。儘管跨大西洋航線按年回升8.2%,但跨太平洋航線和亞歐航線按件擴大降幅,亞洲內部航線按年基本持平。
該行認為,自去年第三季以來,東方海外運費按季的顯著下滑屬負面因素,即期市場調整開始反映在去年第四季盈利中,繼去年第三季的數據穩健之後,認為合同的支持有限。該行估計東方海外在去年第四季仍保持盈利,惟今明兩年的盈利將進一步放緩,續予「減持」評級及目標價105.9元。
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