瑞銀:升長建(1038.HK)評級至“買入” 目標價下調至62港元
瑞銀髮表報告調高長建(1038.HK)
評級,由“
中性
”升至“
買入
”,指管制利潤較低、外幣貶值、及英國脱歐問題的風險等導致股價今年來下跌11%,但相信投資者已過分憂慮,目前預期股息率為4.9%,達至10年高位。
該行將長建目標價由65港元降至62港元,當中包含了較低的外幣匯率假設。
該行指,市場對長建和電能(0006.HK)
最大的擔憂來自英國資產的不確定性,因英國資產佔資產淨值約50%,但相信其股價在調整過後已顯現價值,而英國當地的公用股今年來股價卻已上升約13%,反觀長建卻累計下跌了11%。該行並相信長建不會有減派息的風險,因公司去年的派息比率僅58%,並預期未來三年派息比率升至66%,以支持期間每年度股息增長約2%-3%。
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