汇丰研究下调长和(0001.HK)目标价至92港元评级“买入”
汇丰研究发表报告,指长和(00001.HK)上半年纯利升1%至180亿元,撇除外汇和新会计准则的影响,核心盈利升6%符预期,以当地货币计算的EBITDA升3%。中期息持平在0.87元,维持“买入”评级,目标价由95港元降至92港元。

该行指,电讯业务方面,以当地货币计EBITDA升23%,主因去年下半年收购意大利Wind Tre余下50%股权的贡献,公司亦组新公司将电讯业务相关资产整合,相信新结构下,会有利再融资条款,并减少成本,公司目前无计划分拆有关业务。
至於零售表现方面,以当地货币计EBITDA升14%,但撇除一次性项目则只有6%增长。EBITDA利润率维持在10%,店铺数目升5%。内地方面,虽然EBITDA利润率跌1个百分点至19%,店铺数目增加9%,可比较销售升5%。
基建业务的表现较弱,以当地货币计EBITDA跌19%,主因公司将部份资产转至长建(01038.HK)和长实集团(01113.HK)。此外,港口业务以当地货币计EBITDA则升8%,吞吐量有4%增长。
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