野村:降長建(1038.HK)目標價至68.8港元 料前景存在不確定性
野村發表研究報告指,長江基建(1038.HK)去年純利按年增長1%,符合該行預期,主要由於外匯疲弱,以及香港和英國的收益下跌,但被較低的利息費用及從母公司獲得的收益所抵銷。該行指,由於監管重置及外匯的不確定性,可能限制公司近期估值上升空間。該行下調長建目標價14%,由原來的80港元降至68.8港元,維持“買入”評級。
野村已調低長建今年純利預測14%,以反映英鎊/澳元匯價較預期為低,以及在監管重置下,諾森伯蘭供水可容許的回報減低。
不過,野村表示,儘管存在盈利壓力及不確定的前景,公司的資產負債表仍保持強勁,預計未來將會繼續去槓桿化,為任何潛在的資產出售作準備,並在現金流逆風的情況下,維持穩定派息。
該行又指,英國脱歐存在不確定性,不過英國的業務實現了8%的按年穩定增長,認為在下一次監管重置之後,收益將面臨較大風險。同時監管重置亦將會對公司的澳洲業務造成風險。

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