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摩通下调沪杭甬(0576.HK)目标价至7.5港元评级“中性”
格隆汇 08-08 11:49

摩通发表研究报告指,浙江沪杭甬(00576.HK)今年上半年收费公路的交通流量增长逊预期,以及经纪业务盈利增长放缓,均对管理层指引有下行风险。留意到年初至今,主要公路交通流量已见放缓,特别是沪杭及上三高速公路的通行费收益增长,由今年第二季开始转为负数。

报告又指,值得留意是管理层对通行费收益指引,是现有公路按年增长6%,新收购的(申嘉湖杭高速公路)增长10%。因此,若现时营运趋势在年内余下时间持续,则见到有潜在下跌风险。再者,浙商证券7月份盈利增长已显着放慢至3.5%,而上半年录双位数增长。

该行指出,对於沪杭甬2019及2020年预测,每股基本盈利大致符合市场预期,虽然该行对每股派息预测,较市场预期低6%及11%,但仍预计沪杭甬在每股基础下,一如过往做法维持派息持平。而相信最近进行并购後,考虑到负债水平,派息能有惊喜的空间有限。该行将目标价由9港元降至7.5港元,维持评级“中性”

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