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《大行》華泰證券升中國外運(00598.HK)目標價至5.4元 國際貨代業務具韌性
阿思達克 08-28 12:03
華泰證券研究報告指,中國外運(00598.HK)上半年營收505.2億元人民幣(下同),按年跌10.4%,歸母淨利19.5億元,按年微升0.08%;扣非歸母淨利14億元,按年跌22.3%,仍稍勝該行預期,盈利按年下滑主要因國際貨代業務受關稅負面影響,以及專業物流需求偏弱。同時,公司宣布中期每股派息14.5分,分紅率為53.5%。 該行維持2025至27年淨利預測不變;估值方面,該行認為關稅影響邊際減弱,2026至27年國際貨代及專業物流市場景氣度有望改善,提振公司盈利和估值。考慮國際貨代業務具韌性,下半年盈利料按半年改善,華泰上調對其市盈率估值倍數,H股目標價升23%至5.4港元,中外運A股(601598.SH)目標價升11%至6.8元人民幣,均維持「買入」評級。
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