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《大行報告》富瑞維持東方海外(00316.HK)「跑輸大市」評級 料盈利已見頂
阿思達克 07-06 10:06
富瑞發表報告指,東方海外(00316.HK)運費下降令其連續四個季度收入下降,惟運費尚未觸底。該行預計,近期綜合費率附加費(GRI)上調後,市場將關注即期運費,但由於旺季延遲及貨量疲弱,運費難以持續上升趨勢,料集團盈利已見頂。該行維持集團「跑輸大市」評級,目標價83元。 該行表示,集團第二季集裝箱收入按季跌9%,並由2022年同期53億美元高峰降至20億美元;總運量按季增長7%,其中亞洲、歐洲和跨太平洋地區的運量增9%。不過,每TEU平均運費按季降15%至1,063美元,為2020年第三季以來的最低水平。 該行料集裝箱收入將繼續按季下降,因為第二季尚未反映出跨太平洋合同費率較低的影響;亞歐即期運費持續疲弱;及收入確認會滯後一至兩個月。該行預計,集團下半年的即期運費仍將受壓,並為盈利帶來壓力,又認為現貨運費需待旺季開始時才有可能持續反彈,但具體時間仍然未明。
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