《大行》美銀證券降中通快遞(ZTO.US)目標價至20美元 降包裹量增長預測
美銀證券研究報告指,一如預期,內地8月(截至8月24日)快遞包裹量增速放緩至按年10%,相較7月的15%增幅有所回落,因針對輕量和低單價包裹的包裹量受到反內捲舉措及高業務量省份價格底線政策的影響。
該行略降中通快遞(02057.HK)(ZTO.US)包裹量增長預測,並納入回購1.5%優先可轉債對股數的影響後,將公司2026至27財年經調整每股盈利預測分別下調3%至上調3%。美股目標價由22美元下至20美元。該行看好公司有行業最優的單位淨利潤,但注意到市場短期內缺乏整合機會;維持「中性」評級。
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