《大行報告》大和下調招商局港口(00144.HK)目標價至16元 評級「買入」
大和發表研究報告指,招商局港口(00144.HK)仍面對宏觀不確定因素,但港口費率仍在緩慢增長,認為其高單位數的股息收益率屬於可持續,維持「買入」評級,惟目標價由17.5元下調至16元。
該行表示,鑑於母公司招商港口A(001872.SZ)的國際平台及集團自身因素,預計未來其將出售聯營和合資港口。集團正在東南亞和非洲積極尋求國際併購機會。另外,憑藉健康的現金流,集團已承諾股息分派比率不少於40%。該行將集團2023至24財年的每股盈測下調21%至24%,原因是2022年業績遜預期以及最新的吞吐量和港口費率增長假設。儘管進行了盈測調整及近期股價疲軟,但大和認為,基於其健康的現金流,招商局港口仍然提供具吸引力高單位數股息率。
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