大行評級|大摩:下調海豐國際目標價至18.8港元 評級“與大市同步”
摩根士丹利發表報吿,指根據2024年全年業績調整海豐國際盈利預測,將2025年每股盈利預測上調2%,2026年每股盈利預測上調6%,並引入2027年每股盈利預測19美仙。該行認為,在2025至2026年集裝箱運輸下行週期中進一步的盈利修正將對海豐國際的估值構成壓力。因此,將牛市-基準-熊市目標市盈率分別從14倍、11倍和7倍,分別調整至12倍、9.5倍和6.0倍。基準情景估值倍數基本符合2011年以來的歷史平均水平,考慮到2025年至2026年潛在特別股息,而牛市情景估值落在一個標準差範圍內。據此,該行將海豐國際加權目標價從之前的21.3港元下調至18.8港元,評級“與大市同步”。
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