里昂:下調新創建(0659.HK)目標價至16.3港元 全年度業績疲弱
里昂報告指出,新創建(00659.HK)全年度業績疲弱,經調整經常性盈利跌19%至37億元,主要受到設施管理業務疲弱、首都機場(00694.HK)盈利貢獻較低,及人民幣貶值拖累。不過,來自策略投資的盈利上升,抵銷了部份上述疲弱因素。該行指,其資產負債表強勁,惟全年股息每股0.58元,低於預期。
該行指,儘管新創建業績偏軟,但看好集團兩項變化。集團宣佈將推行漸進式派息政策,可提高未來股息及股息收益率的清晰度。此外,集團為旗下業務重新定義,道路、航空、建築、及新收購的富通保險被視為核心業務。
該行下調集團2020-21年經常性盈利預測6%-9%,目標價相應由18港元下調至16.3港元,維持“買入”評級。現價較每股資產淨值折讓32%,過去5年平均折讓25%。
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