《大行報告》大和下調粵投(00270.HK)目標價至17.3元 評級「跑贏大市」
大和發表報告指,粵海投資(00270.HK)股價自今年1月22日起已下跌7%,主要由於新型肺炎爆發,因疫情對其多項業務,包括房地產、百貨公司及酒店業務均可能造成影響。
該行表示,雖然爆發疫情,但集團的現金流仍然穩健,料其2019年至2021年的每股派息可有8%的按年增長。至於2021年至2023年東江供港水價的問題預期亦會在今年10月解決,根據以往人民幣兌港元匯率下跌期間的經驗,該行料水價會維持穩定。
基於在近期股價調整後,預測今年股息收益率有4%,大和重申對粵投的「跑贏大市」 評級,同時該行下調集團2019年每股盈利預測4%,以反映基於去年首九個月業績假設的經營開支較高,而因應新型肺炎爆發,今年盈利預測亦下調6%,目標價由18.3元下調至17.3元。
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