《大行》華泰證券升KLN(00636.HK)目標價至9.5元 綜合物流顯韌性
華泰證券研究報告指出,KLN(00636.HK)今年上半年營收272.1億港幣,按年增7%;歸母淨利6.5億港元,按年跌22%;扣非核心淨利6.8億港元,按年增12.4%。展望下半年,儘管關稅及宏觀需求仍存較多不確定性,該行看好公司憑藉多元化物流解決方案及在東南亞地區的深耕佈局,平滑市場波動;中長期維度,公司將持續受益產業重塑帶動國際物流需求增長,維持「買入」評級。
該行表示,下半年國際貨代市場仍面臨較大波動;綜合物流業務方面,認為宏觀需求或有所回暖,維持KLN 2025至2027年淨利預測;上調市盈率估值倍數至12.9倍2025財年市盈率,上調目標價12%至9.5港元(前值基於11.5倍2025財年市盈率)。
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