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《大行報告》中金下調中遠海控(01919.HK)目標價至10元 長期價值顯現
中金發表研究報告指,中遠海控(01919.HK)首三季收入按年跌57.5%至1,345.6億元人民幣;純利按年降77.3%至220.7億元人民幣,每股盈利1.36元人民幣符合預期。期內,收入為427.1億元人民幣,按年跌59.6%,按季降4%;純利為55.1億元人民幣,按年降83%,按季跌41.6%。 該行認為,由於明年新船交付壓力較大,未來兩年運費將會受壓,並保持疲弱,同時需求依然疲軟。該行又表示,中遠海控現金充裕,具有投資價值,但建議關注產業動態。該行建議投資者專注於運費觸底,及船舶報廢的數量和趨勢。截至今年第三季,集團擁有1,990億元人民幣現金,如果公司全年維持50%的派息率,料其2023年和2024年A股股息率分別為8.4%和3.8%,H股股息率則仍保持吸引力,分別為11.4%和5.3%。 該行指,由於預期第四季運費將略低於預期,下調中遠海控2023及2024年淨利潤預測9.1%及10.3%,分別至264億及148億元人民幣。該行下調中遠海控目標價7.4%至10元,維持「跑贏大市」評級。
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