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《大行報告》大摩降東方海外(00316.HK)目標價至75元 週期性下行對派息持保守看法
阿思達克 03-13 10:35
摩根士丹利發表研究報告指,東方海外(國際)(00316.HK)正處於週期性下行,對其派息持保守看法。該行指,考慮到集團較低的利率和銷售預測,將其2023至25年各年利潤預測分別下調24%、5%和15%。鑑於貨櫃運輸處於持續下行週期,預計集團去年利潤將按年降84%,今明兩年再各跌13%。該行維持集團「減持」評級,目標價由77.2元下調至75元。 該行表示,鑑於監管機構強調國企的市值管理,預計集團2023至25年的派息比率為70%。然而,考慮到新船的潛在資本開支,派息有下行風險。該行又提到,供應過剩仍然是一個令人憂慮的問題,認為營運商在運價上升的情況下有加快船舶建造的空間,這將抵銷紅海運力中斷的正面影響,並將整個板塊由錄得盈利「拉低」至收支平衡。
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