《大行》汇丰研究降KLN(00636.HK)评级至“减持” 估值远高于上市以来均值

阿斯达克财经
Aug 29

汇丰环球研究指,KLN(00636.HK) 中期经常性盈利按年升7%,受国际货运代理业务量增加、成本控制改善利润率及利息成本下推动。该行认为,公司自救措施改善中期盈利能力,但不大可能抵销短期需求疲弱。
该行指,KLN今年股价连同派息累升38%,跑赢恒指的29%增长,表现亦优于其区内同业(介乎跌5%至升31%),亦好过该行所覆盖的欧洲同业表现(介乎跌15%至升21%)。该股股价为预测市盈率12.4倍,较上市以来均值高1.1个标准差,且为2022年3月以来最高,估值昂贵,基于在跨太平洋航线有更多敞口的国际货运代理业务展望具挑战性,以及内地与本港综合物流业务复苏缓慢,对盈利能力及股价构成压力。

该行料KLN下半年经常性盈利按年跌16%,亦预期海运运费率及货量复常与空运需求下半年出现逆风,因而下调对公司EBIT预测,目标价由7.7元上调至8元,评级由“持有”降至“减持”。(fc/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-29 12:25。)

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