《大行報告》匯豐研究升太平洋航運(02343.HK)目標價至2.6元 去年下半年業績略勝預期
匯豐研究發表報告指,太平洋航運(02343.HK)去年下半年業績略勝預期。期內,經常性利潤為4,300萬美元,而匯豐預期為2,900萬美元,其中第四季定期租船等值(TCE)費率按季上升25%至42%。該行又對集團派息率達75%表示驚訝,證明公司具有嚴格的資本開支、有彈性現金流及對股東回報的承諾。
該行認為,今年中國進口或會正常化,又相信基於市場利率仍然健康,報廢和排放法規不太可能幫助吸收過剩產能。總體而言,該行預計今年每噸海乾散貨需求將增長2.3%,而平均船隊運力將增長2.7%。除非需求或市場效率再進一步下跌,否則今年將出現負供需缺口。
該行維持對集團今年1.36億美元的純利預測,又將股息率預測由50%上調至75%,預計第一季純利為2,300萬美元。該行將其目標價由2.3元調升至2.6元,維持「持有」評級。
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