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大行評級|大華繼顯:下調東方海外評級至“持有” 缺乏短期價值重估催化劑
格隆匯 03-17 17:05
大華繼顯指,東方海外去年核心盈利按年升94%至26億美元,符合該行預期。末期息每股1.32美元,全年股息13.5釐。公司預測今年營運環境在地緣政治緊張下更具挑戰性。該行預測公司今年核心盈利增長放緩至37%,但股價下行空間有限,因其大量現金及仍然顯著的2025年股息率。然而,該股欠缺短期價值重估催化劑,投資評級由“買入”降至“持有”,目標價114.5港元。該行指,東方海外資產負債表上零債務,淨現金79億美元,相等目前市值83%。公司手上現金足夠應付未來資本承諾,即未來三年購買新船的逾22億美元。該行上調對公司今年核心盈利預測,由13.4億美元上調至16.2億美元,反映最新運費期貨曲線,明年及後年核心盈利預測維持5.75億及5.91億美元。
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