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《大行報告》中金下調招商局港口(00144.HK)目標價至13.1元 評級「跑贏行業」
阿思達克 08-07 14:00
中金發表研究報告指,根據業績預警,招商局港口(00144.HK)上半年純利較去年同期下降超過30%,至不超過33.78億元,該行認為是由於參股公司上港集團的航運及地產業務利潤貢獻下滑;航運景氣度下行,國內參控股集裝箱公司港口裝卸費率有所下滑;及去年同期含有吉布提港口的一次性收益影響。 該行認為,公司海外港口的佈局能夠充分享受到新興市場增長紅利,上半年集團參股的位於土耳其的昆波特和東非的吉布提港口集裝箱吞吐量分別按年增長20.8%及10.8%,相信公司未來有望進一步佈局國內外優質港口資產,實現在國內珠三角、長三角以及環渤海等重點區域的優質港口覆蓋,以及對海外新興市場的佈局,分散區域經濟風險,分享新興市場的經濟增長紅利。 考慮到公司部分參股公司盈利能力有所下降,以及集運需求依然承壓,該行下調招商局今年淨利潤23%至69.3億元,2024年淨利潤則料為70.1億元,維持公司「跑贏行業」評級,下調目標價16.6%至13.1元。
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