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里昂:升信置(0083.HK)评级至“跑赢大市” 目标价下调至12.5港元
格隆汇 08-30 11:39
里昂发表研究报告,指信和置业(0083.HK) 2019财年录得基础溢利46.71亿港元,按年跌58.4%。虽然盈利下跌及不确定性加剧,公司仍将末期每股派息增加1港仙,兑现公司在现金流加快的情况下,会向股东派息更多的承诺。期内,公司所持净现金创新高,达340亿港元,相当于其市值44%及其年度派息的9倍。
该行又指,信置的净现金表现终于在下行周期中展现价值,使公司能够通过购买相宜的资产增加自身价值,并能透过稳健的派息在下行周期保障股东利益,一旦股价走弱更有机会进行股份回购,相信在未来12个月的股价表现将跑赢大市。
里昂将信置的投资评级由原来的“ 跑输大市 ”调升至“ 跑赢大市 ”,惟下修其估值基础,资产净值(NAV)折让预测由43%扩大至53%,目标价相应由15港元下调至12.5港元。
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