大行評級丨大和:上調太平洋航運評級至“買入” 預期地緣政治環境改善有利貨運
大和發表研究報吿指,年初至今,波羅的海乾散貨指數(BDI)平均按年下降約35%,但小型船型包括超靈便型和小靈便型幹散貨船的跌幅較慢,分別跌31%和24%。太平洋航運4月小靈便型和超靈便型幹散貨船的按期租合約對等基準收入(TCE)較去年低約15%和10%。該行料年初至今的疲軟需求將延續至下半年,但進一步惡化的風險有限。儘管預計TCE會下降,該行認為小靈便型和超靈便型幹散貨船今年將繼續盈利。
另外,烏克蘭已接受美國提出的無條件30天停火提議,並與俄羅斯會談。雖然預計對太平洋航運今年的財務影響有限,但該行認為這次停火是促進幹散貨運輸的機會,並將成為推動市場情緒的因素。此外,中美貿易協議亦可改善投資者對航運行業的信心。基於目前的估值吸引,地緣政治環境改善投資者信心,以及太平洋航運積極回購,該行將其評級由“跑贏大市”升至“買入”,目標價由2.4港元降至2.25港元。
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