《大行报告》大摩升招商局港口(00144.HK)及中远海运港口(01199.HK)目标价 料估值重评持续
摩根士丹利发表研究报告,指考虑内地集装箱航运量利好及潜在销售均价向上,上调内地港口股盈测及目标价,重申予招商局港口(00144.HK)「增持」评级,目标价由12.1元升至14.5元;予中远海运港口(01199.HK)「与大市同步」评级,目标价由5.17元升至6.43元。
报告称,内地港口股多年来的向下重评已开始逆转。过去六个月股价追落後,受惠强劲出口及估值重评。本年至今招商局港口累升32%,中远海运港口累升17%,跑赢恒指同期表现。报告形容内地港口股基本面仍稳固。本年至今内地港口集装箱吞吐量按年同期升18.1%,受惠强劲出口及低基数。该行料下半年内地出口货值按年升幅将放缓至约10%,低於上半年料约14%,主因内地供应链强劲,但海外生产受疫情反弹进一步影响;以及全球经济及消费持续复苏。此外,该行料港口定价有上行空间,港口费率料受惠集装箱航运量上行周期,人民币升值及货运组合改变。
该行补充,招商局港口及中远海运港口现估值相当於预测市盈率约8倍,较历史均值低出一个标准差,仍远低於2019年水平,预测股息率料3%至5%。该行认为估值受压,因盈利已升至超越2019年水平,并迈向进一步增长。该行料板块估值重评持续,受惠强劲出口数据及盈利改善。
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