大行評級|高盛:繼續看好中通快遞 予“買入”評級及目標價219港元
高盛發表研究報吿指,2023年物流行業價格競爭加劇,快遞平均服務價格跌勢並延續至2024年初,預計3月起實施的《快遞市場管理辦法》將提高“最後一公里”成本,有助支持平均服務價格。不過,由於行業產能過剩及市場結構仍然分散,該行認為快遞服務價格不太可能持續上升。在正面方面,年初至今快遞包裹量業務一直呈現高於預期的趨勢,首兩個月按年增幅為29%,高於去年第四季的27%及去年全年的19%。目前高盛預測,在持續的價格競爭下今年主要以加盟形式經營的物流公司,平均售價將下降6%至9%,並將今年行業包裹量增長預測由10%上調至14%。高盛繼續看好中通快遞,是唯一給予“買入”評級的快遞公司,目標價219港元;同時將中外運評級從“沽售”上調至“中性”,以反映股息率及運費率正常化的支持,目標價3.9港元。另維持對嘉裏物流的“中性”評級,目標價11.1港元。
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