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大和:維持新創建(0659.HK)“買入”評級 目標價19.4港元
格隆匯 09-26 12:59

大和資本發表研究報告指,新創建(0659.HK)2019財年純利為39億港元,按年跌18%,遠遜於該行預期的按年升7%,主因其飛機租賃業務的溢利貢獻遜於預期。該行預料,新創建2020財年純利增長將放緩至按年升5%,惟對公司管理層承諾會維持漸進的派息政策感樂觀,維持新創建“買入”投資評級,但將目標價由22港元,下調11.82%至19.4港元。

大和稱,期內收費公路業務的應占經營溢利貢獻按年跌7%,在撇除人民幣貶值後,應占經營溢利則按年升4%。然而,受中美貿易摩擦前景持續不明朗影響,相信匯率波動等負面影響將持續至明年。

此外,該行亦預期飛機租賃業務利率掉期合約的不利狀況明年仍會持續,加上近期訪港旅客明顯下跌,免税店經營情況依舊令人關注,故削減新創建2020財年至2021財年純利預測29%至31%。

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