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《大行報告》美銀證券料航運業盈利未見底 維持中遠海控(01919.HK)「中性」評級
美銀證券發表報告指,中遠海控(01919.HK)最新經營數據顯示,季節性運載量增加、即期運價按季持平及跨太平洋合約將重置的協助下,第二季利潤按季上升。雖然中遠海控日前發盈警,預測上半年純利將按年下跌74%,但美銀表示該公司第二季EBIT及純利仍按季增逾30%。 不過美銀亦提醒投資者要留意行業風險,相信行業利潤尚未見底,因為新供應將導致淡季時下行壓力更大,指出隨著航運合同重新定價,第三季利潤將出現下滑,今年第四季至明年首季壓力料持續增加。 美銀維持對中遠海控的「中性」評級,目標價7.9元,認為現價處於估值低位,反映市場已消化不少未到來的負面因素,但強調運費及盈利將面臨更大的下行空間,今明兩年行業基本面仍將面臨挑戰。
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