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里昂:下調新創建(0659.HK)目標價至14.9港元 評級“買入”
格隆匯 02-18 13:12
里昂在研究報告中指出,新創建(0659.HK)去年完成收購富通保險,原預期2020及2021年度盈利可受惠上升10%及17%,不過現時受新型肺炎負面影響所抵銷,因此將2020年經常性利潤預測下調21%,以反映集團道路設施管理業務收入減少。
該行指,受制於疫情蔓延,市民減少出行,免税店收入亦減少,直接影響集團近期業務表現,預料疫情對市場的影響要到7月份始逐步消散。雖然未知富通保險將在何時併入財報,但仍將其計入估算考量,料今、明兩年可為集團貢獻經營溢利約3.99億港元及7.84億港元,分別將集團2021及2022年度經常性利潤預測分別上調15%和16%,預期新創建經常性業務盈利今年跌10%後,明年可復甦約66%。
考慮到新創建現價水平對比資產淨值有約37%折讓,市帳率為0.6倍,屬16年低位,里昂將目標價由15.5港元調低至14.9港元,同時重申“買入”評級。

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