《大行報告》匯豐研究降滬杭甬(00576.HK)目標價至10元 評級「買入」
匯豐研究發表報告,指浙江滬杭甬(00576.HK)上半年稅後純利按年升8%,勝該行及市場預期,主要受證券業務貢獻帶動。其核心公路業務收入上半年僅增2.4%,遠低於年初指引的6%按年增長。公司下調全年公路收費增長指引至2%;並正尋求公路項目收購機遇,內部回報率目標約8%。匯豐認為其在併購上有明確投資策略。
管理層相信在宏觀經濟不確定性及電子道路收費相關折扣影響下,下半年公路收入展望仍具挑戰性,並料下半年路費收入增長將進一步放緩至1.5%。該行並料電子道路收費折扣對其明年盈利帶來5%至7%的負面影響。
匯豐維持予其「買入」評級,目標價由11元降至10元,以反映路費收入展望下調,但相信公司可維持穩定派息,股息率料達7%,加上公司股價於過去三個月已累跌約18%,同期國指累跌約8%,相信已屬超賣。匯豐指,其下一個催化劑料屬可提振價值的公路併購。
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