《大行報告》瑞銀上調滬杭甬(00576.HK)目標價至8.7元 評級「買入」
瑞銀發表的研究報告指,將浙江滬杭甬(00576.HK)2020年每股盈利預測下調54%,以反映受新型冠狀病毒疫情影響公路免費的措施,同時亦微調了2020年後的每股盈測,將2019/20年每股派息預測分別降22%及19%,假設2019及2020年派息維持不變,股息率為5.2%,但估計2021年股息率將為7%。
該行估計免費政策將在上半年延續,內地於2月17日公布為支持疫情管控,免收車輛通行費直至感染控制工作完成,該行認估計隨著「收費公路管理條例」於下半年推出,優惠亦將有所延續,並料可完全抵銷公路免費所帶來的負面影響。
該行認為假如營運商可較長時間獲取優惠以補償公路免費的影響,將帶來潛在的上行空間,而其分析顯示營運商所獲的優惠年期每延長一年,其資產淨值(NAV)則可提升4%至6%,該行將公司目標價由8.5元升至8.7元,評級「買入」。(el/da)~
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