《大行报告》汇丰研究降沪杭甬(00576.HK)目标价至10元 评级「买入」
汇丰研究发表报告,指浙江沪杭甬(00576.HK)上半年税後纯利按年升8%,胜该行及市场预期,主要受证券业务贡献带动。其核心公路业务收入上半年仅增2.4%,远低於年初指引的6%按年增长。公司下调全年公路收费增长指引至2%;并正寻求公路项目收购机遇,内部回报率目标约8%。汇丰认为其在并购上有明确投资策略。
管理层相信在宏观经济不确定性及电子道路收费相关折扣影响下,下半年公路收入展望仍具挑战性,并料下半年路费收入增长将进一步放缓至1.5%。该行并料电子道路收费折扣对其明年盈利带来5%至7%的负面影响。
汇丰维持予其「买入」评级,目标价由11元降至10元,以反映路费收入展望下调,但相信公司可维持稳定派息,股息率料达7%,加上公司股价於过去三个月已累跌约18%,同期国指累跌约8%,相信已属超卖。汇丰指,其下一个催化剂料属可提振价值的公路并购。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.