《大行報告》匯豐研究下調海豐國際(01308.HK)目標價至18元 評級「買入」
匯豐研究發表報告指,海豐國際(01308.HK)第二季的運費、貨運量與行業持平,雖然供需和季節性疲弱,上半年的股本回報率(ROE)仍為31%。報告引述海豐國際管理層指,公司訂單自8月中旬以來一直改善,預計運價和貨運量將持續回升,特別是在第四季。港口更加擁堵,加上近期利率上調,運力重新部署到長途貿易,應有助於緩解亞洲內部區域貿易的部分供應過剩壓力,或會推動市場運費達到盈虧平衡水平。該行認為,成本和供應上的控制有助行業免於在下半年陷入虧損。
該行表示,維持集團下半年的經常性淨利潤預測為2.74億美元,與上半年持平,該預期比市場預測低43%。不過,該行認為市場預期是過於樂觀,因此盈利不可避免地需要下調。該行重申其「買入」評級,目標價由20元下調至18元。
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