《大行報告》麥格理削中通快遞(ZTO.US)目標價至25.3美元 包裹量增抵銷價格壓力
麥格理發表報告指出,中通快遞(02057.HK)(ZTO.US)去年第四季盈利略有下降,或由於持續的價格競爭,但部分被營運效率改善而抵銷。公司包裹量增長32%,領先同業5%,管理層對公司快遞市場份額勢頭保持正面看法,預期今年包裹量將按年增長15%至18%,相對於同業增長率為10%至12%。
該行認為,中通快遞去年派息62美仙,按年增長68%,派息率達40%。董事會已批准今年起的半年度定期派息政策,並將現有回購計劃擴大5億美元,顯示管理層對股東回報的承諾。不過,公司經調整淨利潤較該行及市場預期分別低10%與7%,主要由於激烈的價格競爭。
該行將中通快遞今明兩年的淨利潤預測下調各8%,以反映市場競爭下的毛利受壓,對中通快遞美股目標價由35.8美元降至25.3美元,評級「跑贏大市」。
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