《大行報告》大和降海豐國際(01308.HK)目標價至14.5元 股息豐厚
大和發表報告指出,海豐國際(01308.HK)去年收入按年跌41%至24.2億美元,經調整盈利跌72%至5.1億美元,遜該行預期。去年下半年,公司收入較上半年下跌7%,主要受累於需求放緩導致運價疲弱,儘管部分被成交量增長所抵銷;毛利率較上半年跌1.8個百分點至24.7%,低過該行預期,令去年毛利率按年跌22.5個百分點至25.7%。公司宣布末期息每股6.39美仙,佔其盈利的76%,去年派息率維持在70%。
該行提及,海豐國際管理層預期受惠於農曆新年假期期間良好增長的支持,今年首季貨運量將強勁增長,延續去年第四季的貨運量復甦趨頭,但長期而言可見度仍較低。公司認為印度市場業務發展正面,並擬加大在當地的投資。公司去年淨現金達2.47億美元,並無計劃訂購新船。在預期正自由現金流及管理層正面的基調下,該行料公司今年派特別息的可能性很高,估計今年股息率達約10%。
此外,該行將海豐國際今明兩年每股盈利預測下調12%至14%,另由於毛利率改善,估計公司今年運費及貨運量按年增長達中單位數。該行將公司目標價由16元下調至14.5元,重申「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.