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《大行》匯豐研究降KLN(00636.HK)評級至「減持」 估值遠高於上市以來均值
阿思達克 08-29 14:39
匯豐環球研究指,KLN(00636.HK)中期經常性盈利按年升7%,受國際貨運代理業務量增加、成本控制改善利潤率及利息成本下推動。該行認為,公司自救措施改善中期盈利能力,但不大可能抵銷短期需求疲弱。 該行指,KLN今年股價連同派息累升38%,跑贏恆指的29%增長,表現亦優於其區內同業(介乎跌5%至升31%),亦好過該行所覆蓋的歐洲同業表現(介乎跌15%至升21%)。該股股價為預測市盈率12.4倍,較上市以來均值高1.1個標準差,且為2022年3月以來最高,估值昂貴,基於在跨太平洋航線有更多敞口的國際貨運代理業務展望具挑戰性,以及內地與本港綜合物流業務復甦緩慢,對盈利能力及股價構成壓力。 該行料KLN下半年經常性盈利按年跌16%,亦預期海運運費率及貨量復常與空運需求下半年出現逆風,因而下調對公司EBIT預測,目標價由7.7元上調至8元,評級由「持有」降至「減持」。
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