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花旗:升深圳國際(0152.HK)目標價至20.9港元 評級“買入”
格隆匯 01-14 15:57

花旗發表報告指,在與深圳國際(00152.HK)管理層會面後瞭解到,未來將有大額土儲變現,相信未來三年的盈利增長前景可觀,對其抱正面看法,維持“買入”評級。

報告指出,深圳國際早前宣佈出讓前海兩幅地皮,料税前收益約24.3億港元,加上前海剩餘約40億元土地補償有望在今、明兩年確認,認為2019年派息可期。報告續指,雖然去年深圳市政府回購4條收費公路,或令深圳國際今年收費公路收入面臨短期阻力,但同時深圳外環高速公路一期有望今年通車,料將有效增強其道路資產質量,此外最近公司在環境領域的部署,將使業務組合多樣化,料對中期業績有一定貢獻。

該行表示,考慮到近期人民幣升勢,預計去年下半年外匯因素對公司旗下深圳航空的影響將減少。花旗稱,深圳國際現估值相當於今年度預測市盈率約8倍,預測核心市盈率約20倍,股息收益率約7%,認為現時估值在即將來臨的減息週期中具吸引力,因此將目標價由20.3港元升至20.9港元。

另考慮到未來路費及航空收入預測下調,花旗下調深國2019至2021年核心盈利預測介乎1%至5%。

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