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《大行報告》摩通下調東方海外(00316.HK)及中遠海控(01919.HK)目標價 評級「增持」
摩根大通發表研究報告指,由於集裝箱運輸行業的估值反映了普遍低迷的市場情緒,行業目前估值較便宜。東方海外國際(00316.HK)和中遠海運(01919.HK)均以負值企業價值作交投,將前者目標價由180元降至143元,後者由12元下調至11元,兩間公司均予「增持」評級。 該行提到,行業去庫存的時間比預期長,因為零售商、分銷商及生產商在經濟衰退憂慮加劇的情況下保持謹慎態度。目前去庫存過程已看到盡頭,該行認為,現時或過度去庫存,因為參考2008年全球金融危機後,行業庫存需要將近三年時間才完全恢復。 該行強調,中國出口和美國進口已出現復甦跡象,又表示行業的估值表明大多數負面因素已被消化,其收益率仍然具有吸引力,以2023財年計算,平均約為8%。
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