《大行報告》匯豐研究降海豐國際(01308.HK)目標價至14.2元 下調2023至25年盈測
匯豐研究發表報告指,海豐國際(01308.HK)第三季運價按季下滑10%,與行業趨勢一致,但該行預計在地區性旺季會有所穩定。由於自有船隊和規模不斷擴大,單位成本進一步改善,該行預計其利潤率將重回2019年水平之上。
匯豐研究下調海豐國際今年至後年盈利預測介乎14%至20%,反映運費正常化步伐快過預期,運載量增長低於預期,目標價由18元下調至14.2元,但因市場份額擴大和成本優勢而維持「買入」評級。另外,由於其近期的船舶收購,該行將全年派息比率預測由80%下調至70%,但由於強勁的現金流和資本支出有望見頂,預期公司明後年的派息比率將回升至80%。
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