Komo: First payment of Haifeng International (01308) “additional” rating target price of HK$47

The Zhitong Finance App learned that J.P. Morgan Chase released a research report saying that for the first time, it gave Haifeng International (01308) an “increase in weight” rating. It is optimistic that the company has a high-density and steady layout in Asia, a diversified customer base covering the Greater China, Japan, South Korea and Southeast Asian markets, and a prudent capital allocation strategy, and has an industry-leading operating cash flow, net cash position and high dividend payout ratio. Xiaomo gave Haifeng International a target price of HK$47, corresponding to the 2027 forecast ratio of corporate value to EBITDA, which is close to the industry's upper limit. It indicates that the current price is equivalent to about 10.9 times the predicted price-earnings ratio in 2027. The valuation premium is at a reasonable level. It believes that the company has an industry-leading return on equity, strong operating cash flow, and high dividend payment records. The market has yet to fully reflect its structural advantages, strict fleet management, and net cash position since 2017.