匯豐研究:降新創建(0659.HK)目標價至13.4港元 評級“買入”
匯豐環球研究發表報告,恢復覆蓋研究新創建(00659.HK),維持其“買入”評級,但目標價由20.5港元下調至13.4港元,相信現價已大致反映市場對集團新保險業務及香港經濟前景惡化的憂慮。
該行表示,新創建將其核心業務定義為收費公路、飛機租賃及建築服務,此等業務性質穩定並有可持續現金流。於截至今年6月的年度,有關核心業務的應占經營利潤錄得7%以上的經常性增長。根據最新指引,該行預計有關業務將有具韌性及自然的改善,料明年至2022年的應占經營利潤年均複合增長9%。
匯豐又稱,新創建在今年11月1日以215億元完成收購富通保險全部權益,市值/內涵價值(P/EV)為1.3倍,雖然行業存在挑戰,特別是近期來自內地客户的保險服務萎縮,有關業務佔富通去年新業務35%,但該行對收購在新創建集團內產生的潛在協同效應看法積極,例如與集團持股40%的港怡醫院合作,及策略性地利用母公司的在內地的客户羣。

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