《大行》大和升太平洋航運(02343.HK)目標價至2.65元 重申「買入」評級
大和研究報告指出,太平洋航運(02343.HK)今年上半年基本溢利按年跌50%,至2,200萬美元,符合該行預期,儘管復甦步伐緩慢,但看到乾散貨市場正在改善。大和重申該股「買入」評級,目標價從2.25元上調至2.65元,上調公司2025至2027年每股盈利預測10%至36%。
大和表示,對於2025下半年,太平洋航運已鎖定小靈便型(Handysize)和超靈便型(Supramax)貨船的按期租合約對等基準收入(TCE)分別為每日11,680美元及13,480美元,覆蓋60%及74%的營運日。憑藉高覆蓋率,以及超出該行先前預期的2025下半年TCE,大和將小靈便型和超靈便型貨船的TCE預測分別上調1%及3%,並強調下半年盈利較上半年擴張的潛力(儘管按年錄得下降)。
更重要的是,相較4月分析師會議時的觀點,管理層分享更為樂觀的展望。大和相信,乾散貨市場正觸底復甦,儘管步伐緩慢。基於2025年的低基數,預計太平洋航運的盈利將於2026年恢復正增長。
大和續指出,儘管預計太平洋航運2025下半年盈利按年下降,但預測穩健的現金流生成及嚴謹的資本支出,將支持未來持續股份回購,特別是管理層認為其股價仍低於資產價值(但大和認為派發特別股息的可能性有限)。
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