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《大行報告》高盛下調中遠海控(01919.HK)目標價至6.6元 評級「沽售」
高盛發表研究報告指,中遠海控(01919.HK)2022財年的淨利潤為1,100億元人民幣,符合預期;派末期息1.39元,則高於預期。不過,該行認為,由過去兩個月AH股股價的10%和19%漲幅,目前市場或已基本消化是次的派息因素。此外,考慮到集團持有東方海外國際(00316.HK)約71.07%股權,其剛公布派息35.6元,因此該行認為中遠海控派息是低於投資者的預期。 該行表示,由於集裝箱航運業持續供過於求,預計2023至25年的中國出口集裝箱運價指數(CCFI)分別為1,012、864和776,相應地預計集團運費將下降56%、14%和12%。考慮到燃油和折舊成本相對較高,預計集團於期內的盈利能力將會惡化,料其今明兩年的淨利潤為170億和60億元人民幣,2025年則錄淨虧損70億元人民幣,維持「沽售」評級,H股目標價略微下調3%至6.6元。
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