大摩料长和(0001.HK)中期纯利仅增2%估值和派息为股价提供支持
摩根士丹利发表报告指,预期长和(00001.HK)今年上半年EBITDA按年持平於550亿元,EBIT则跌2%至348亿元,而纯利亦仅升2%至185亿元。不过指该股现价相当市帐率为0.6倍、市盈率7倍,仍低於历史平均水平,且该公司股息率达4.2%,较同业为高。该行重申长和“增持”评级,目标价为106港元。

该行相信,长和旗下三大利润贡献来自於3集团、基建及零售业务。当中随长和收购意大利流动电讯营运商Wind Tre余下50%权益,期内3集团旗下欧洲业务今年上半年EBITDA将按年升30%,惟今年下半年或仅按年持平。另料零售业务按年升5%;港口业务EBIT则升3%。
报告补充,预料长和今年上半年之自由现金流为200亿元,高於去年同期的180亿元,代表该股自由现金流收益率为8%。
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