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《大行報告》大和下調海豐國際(01308.HK)目標價至18元 評級「買入」
阿思達克 08-17 09:37
大和發表研究報告指,海豐國際(01308.HK)上半年收入按年下降44%至12.5億美元,平均運費和貨量分別下降44%和3.8%,但收入水平仍遠高於疫情前水平。期內毛利率按年降26.8個百分點至26.5%。雖然總負債與股本比率下降至0.41倍,但由於利率上升,其財務成本在上半年仍按年升35%。期內經調整盈利按年跌73%至3.1億美元,低於預期。集團宣派中期息0.0766美元,派息比率為65%。 該行引述海豐國際管理層指,儘管8月通常是淡季,但8月下旬的訂單較7月有所改善,又強調8月下旬的訂單量已超過2018至19年8月的水平。該行相信,這意味著集團去庫存的行動已接近尾聲。另外,該行認為亞洲地區港口愈發擁堵,供應中斷或會成為下半年運費回升的額外正面因素。 該行預計,集團明年的資本支出將介乎1.5億至2億美元。由於沒有購船計劃且目前槓桿率較低,該行料集團或在下半年派發特別股息。該行下調集團2023至25年的每股盈測14至18%,以反映上半年盈利較預期低,又認為其股價暴跌主要是由於上半年盈利未能達標,但股價並未反映近期市場改善情況。該行重申集團「買入」評級,目標價由20元下調至18元。
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