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大和:料資產配置成太古關鍵 建議回購提高股本回報率
格隆匯 03-13 13:18

大和發表研究報告指,太古A(0019.HK)去年核心盈利按年增加1.09倍至177.97億港元(下同),主要由於出售非核心資產收益帶動;若撇除該因素,去年太古核心盈利按年跌4%,主因受國泰航空利潤下跌及太古離岸公司持續虧損拖累,並抵銷了太古飲料利潤增%及太古地產(1923.HK)的穩定盈利。

大和認為,太古集團近年愈來愈重視資產配置,自2018年至今通過出售非核心資產套現逾340億元;截至去年底,其淨負債率亦降至14.2%。儘管太古經常性收入按年減少4%,但仍維持去年每股派息3.6元,認為集團正致力去達到實現股東價值可持續增長的目標,這亦是在香港家族企業中前所未有的。

該行又指,儘管國泰短期將會拖累太古盈利表現,但在該集團架構下,國泰財務角色主要是負責支付其股息予太古,而去年國泰股息貢獻僅3億元,對比之下太古地產股息貢獻達42億元。

大和相信,資產管理將成為未來關鍵,過去資產重置使太古於去年底總流動性達479億元,具有相當大的能力可再作投資。然而,在現時環球不確定的情況下,料較難找到可提升股東價值的投資項目,因此認為集團或可進行股份回購,以提高股本回報率。

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