大行評級|摩根大通:維持東方海外國際“增持”評級 目標價下調至133港元
摩根大通發佈研究報吿稱,因應市場旺季表現差過預期,將東方海外國際盈利預測下調,但現價相當於預測市賬率0.7倍,企業價值倍數(EV/EBITDA)接近平衡,預測股息率10釐,估值仍然吸引,維持“增持”評級,目標價由143港元下調至133港元。
報吿稱,雖然跨太平洋航運在今年旺季表現黯淡,但東方海外國際股價自6月以來仍升8%。出乎預期的好表現,反映市場對於需求疲弱、供應過剩可能過分憂慮。該行指,短期經營數據及市場氣氛可能仍然疲弱,但東方海外末季出現虧損的機會甚低,因為公司成本控制具紀律,估計航運市場“報廢”增加、各地收緊環保要求導致航速減慢、新船交付延遲,都有助緩和供應過剩的憂慮。
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