美銀證券:維持長和(0001.HK)“買入”評級 輕微下調目標價
美銀證券發表報告,維持對長和(00001.HK)的“買入”評級,惟因預測資產淨值下降,股份目標價由96港元輕微下調至95港元。該行表示,取決於英國大選結果,英國脱歐的不明朗性(主要是匯率憂慮)對長和股價造成的威脅或終於結束,因此或為其股價提供催化劑。而且集團估值具吸引力,相當於6至7倍市盈率,與歷史平均相比較資產淨值折讓47%,今年的股息收息率料為4.6%。
美銀表示,匯率問題相信是長和與脱歐相關的最大不明朗性,因集團今年上半年的EBIT中有22%為英鎊,英鎊匯率每轉變5%,料會為集團盈利帶來1%的影響。而該行的基礎情境為保守黨在大選中獲勝,英國在明年1月底脱離歐盟,此情境將推動英鎊兑美元升至1.35的水平。
該行下調對長和今年至2021年的每股盈利預測1%至4%,以反映能源業務盈利預測下降,以及少數股東權益較高等因素。美銀預期,集團今年的每股盈利將會按年持平,主因匯率造成3%至4%的拖累,以及能源業務表現疲弱,但部分可被收購「Wind Tre」帶來的增長抵銷。

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