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《大行报告》大和:长实(01113.HK)经常性业务现金流壮大 支持派息增加
阿思达克 03-20 10:45
大和发表报告指,长实集团(01113.HK)2019年度的基础盈利按年增长19%至287.29亿元,主要是受到物业销售利润大增78%所带动。虽然未来环境存在不确定性及挑战,但公司派息仍按年增加10.5%,反映集团有信心应对未来的挑战,指其资产负债表强劲,可抵御外部挑战环境。

该行指,长实集团在过去五年一直通过香港及内地的物业资产获利,将它们投入业务以产生经常性收入,认为这策略一直运作良好,估计其经常性业务的经营现金流现时已超出每股5元,而这是其在具有挑战性环境中,仍能增加派息的原因。

大和表示,疫情爆发打乱物业市场的建筑及预售活动,相信长实集团旗下的波老道豪宅项目需要待市场情绪稳定才推出,而其约293亿元未入帐合同销售理应能够提供一定的缓冲。在考虑到物业销售及项目完工进度的一些影响,该行将公司2020至2021年的盈利预测下调4至6%。

该行注意到长实自2016年以来已累斥约90亿元回购股份,因此若在未来数月恢复股份回购行动,并不会感到惊讶,重申其「买入」投资评级,但将目标价由原来的85.2元下调至68.3元,相当今年每股资产净值折让30%。

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