麦格理下调太古(0019.HK)目标价至111.13港元评级“跑赢大市”
麦格理发表研究报告指,太古(0019.HK)
上半年经常性基本盈利按年增40%,受地产分部及航空分部转好所推动。每股派息按年增长13%,这证明了管理层向股东提供可持续增长股息的承诺。
报告指,在公司业绩简报会上,管理层强调股本回报率增长的重要性,以及在全球贸易紧张局势和其他宏观经济不确定因素的影响下,会致力于增加经常性基本盈利。另一方面该行认为,太古分拆太古地产(1972.HK)
后,使太古处于非常强劲的财务状况,净负债大减22%至486亿港元,负债比率亦降5%至14.7%。
不过该行认为,关于环球贸易紧张,国泰(0293.HK)
营运是最受影响;而太古地产零售疲弱前景亦对太古股有负面影响,下调今明两年盈测2.6%/7.4%,目标价由123.45港元降至111.13港元,但盈利增长及派息稳定增长承诺,仍令太古变得吸引,维持“
跑赢大市
”评级,但从意见名单(Idea List)剔除。
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