野村:首予粵海投資(0270.HK)“買入”評級 目標價20港元
野村發表報告指出,在該行研究涵蓋的公用企業及綜合企業股中,粵海投資(0270.HK)的股本回報率最高(2020:12%),資產負債表最強勁,派息增長亦最快,首予其“買入”評級,目標價為20港元。
報告指出,粵海投資兼具公用資產的防守性以及內房項目的增長潛力,估計其水資產業務可帶來穩定的現金流,未來三年,預計水業務每年增長約5%,收購江西海彙意味公司鋭意加快廣東以外業務擴張,而物業項目銷售,亦成另一亮點。
野村估計,粵海投資五年的每股盈利及每股派息複合年均增長率分別可達11%和10%,派息率約65-70%。

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