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大和:降长实(1113.HK)目标价至68.3港元 重申买入评级
格隆汇 03-20 13:15

大和发表研究报告指,长实集团(1113.HK)去年基础纯利按年升19%至287.29亿港元(单位.下同),主因物业销售盈利大增78%所致,而集团将每股派息按年升10.5%,令股息率升至逾6%,反映集团有信心应对未来环境挑战,重申对其“买入”评级,惟下调目标价由85.2元降至68.3元。

大和称,长实经常性利润持续增长,去年税前盈利贡献增至152亿元,是2015年60亿元的2.5倍,相信长实在过去5年一直在通过将出售中港两地投资物业来增加经常性收入。该行认为此策略行之有效,估计现时经常性业务的经营现金流已逾每股5元,并成为增加派息的关键。

不过,大和指出,新冠肺炎将会影响中国房地产市场销售及峻工时间表,尽管长实未入帐的合约销售额约293亿元,料可为集团业绩提供缓冲,惟该行仍下调今、明两年盈利预测4-6%。

该行又认为,长实于去年底手头上现金达600亿元,相信集团已建立强劲的资产负债表及净负债率仅9%;又指不认为集团已策略性离开香港地产市场。考虑到集团在2016年曾动用90亿元进行股份回购,该行直言,若集团未来数月重启回购并不感到意外。

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