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電商需求疫市擴張 這隻物流股將奮力掘起

電商產業在疫市加強滲透,這隻物流股於東南亞亦有佈局,未來增長可期。 –

疫市為傳統經濟產業帶來衝擊,但新經濟產業卻在疫市抬頭。手遊、串流、電商等產業加強滲透,長線增長潛力提前釋放。不過,新經濟股抬頭亦可帶動舊經濟企業增長,嘉里物流(SEHK636)或是其一。

疫情物流增長

儘管疫情對實體經濟帶來衝擊,但電商產業在疫市加強滲透,訂單基數有望大幅擴張。以香港電視(SEHK1137)為例,其網購平台及門市業務的平均每日訂單數量5月份錄得逾100%同比增長。雖然香港電視擁有自己的送貨部門,但市場上有更多的零售商戶會將送遞服務外判,這為第三方物流公司帶來龐大需求。例如美國上市公司United Parcel Service Inc. 最近公布季度業績,期內收入大增13.4%,當中B2C物流需求增長抵消了疫情中B2B業務倒退的負面影響。

嘉里物流基礎穩健

香港上市公司之中,嘉里物流(SEHK636)過去積極在亞太區建立物流建設,作為其一重要綜合物流服務商,集團有望成為電商增長的贏家之一,集團首席財務官更預期今年可錄得雙位數盈利增長。自從在2013年由地產發展商嘉里建設(SEHK683)分拆上市,嘉里物流一直保持著穩定的業務增長。過去3年間,收入錄得近20%複式增長,經營溢利則實現近25%增速。這穩定的營運業績增長主要貢獻自物流營運國際貨運兩大分部,但嘉里物流的業務價值增長並不只源於物流服務供應。

積極釋放資產價值

集團旗下物流資產的價值增長同樣不容小覷。在2019年,嘉里物流的核心純利為13.7億元,並錄得5億元的投資物業升值收益。雖然物業升值屬非現金項目,但管理層積極於釋放價值,去年就將旗下位於香港的非核心物流貨倉出售,帶來接近20億港元收益。此外,集團更擬將旗下Kerry Express Thailand泰國證券交易所分拆上市

結語

肺炎疫情推動電商增長,物流需求隨之而擴張,嘉里物流的投資價值有望受惠增長。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者 Alvin Yu 沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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