《大行報告》瑞信上調海豐國際(01308.HK)目標價至21.5元 評級「跑贏大市」
瑞信發表研究報告指,海豐國際(01308.HK)去年全年業績表現符預期,推算去年下半年度純利達到7.76億美元;第四季度貨運量按年持平,超出該行預期,有助於抵銷期內運費按年跌18%遜預期的影響。
海豐國際宣派末期息1.6港元,派息比率達70%,意味股息率達17%,瑞信形容股息率吸引且符合預期,又指需求前景具不確定及未來船舶供應增加,預期即期運價整體下行壓力應持續,但公司專注的亞洲市即期運價近期有所復甦,加上擁有較穩定長期合約敞口,相對樂觀,相信可在當前的下行週期中脫穎而出。
該行又相信,海豐國際的逆週期擴張策略將有助於降低成本,從而鞏固長期經營優勢,相應將2023至2024年每股盈利預測上調7%至8%,目標價則從20元上調至21.5元,評級「跑贏大市」。
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