大和:降長實(1113.HK)目標價至68.3港元 重申買入評級
大和發表研究報告指,長實集團(1113.HK)去年基礎純利按年升19%至287.29億港元(單位.下同),主因物業銷售盈利大增78%所致,而集團將每股派息按年升10.5%,令股息率升至逾6%,反映集團有信心應對未來環境挑戰,重申對其“買入”評級,惟下調目標價由85.2元降至68.3元。
大和稱,長實經常性利潤持續增長,去年税前盈利貢獻增至152億元,是2015年60億元的2.5倍,相信長實在過去5年一直在通過將出售中港兩地投資物業來增加經常性收入。該行認為此策略行之有效,估計現時經常性業務的經營現金流已逾每股5元,併成為增加派息的關鍵。
不過,大和指出,新冠肺炎將會影響中國房地產市場銷售及峻工時間表,儘管長實未入帳的合約銷售額約293億元,料可為集團業績提供緩衝,惟該行仍下調今、明兩年盈利預測4-6%。
該行又認為,長實於去年底手頭上現金達600億元,相信集團已建立強勁的資產負債表及淨負債率僅9%;又指不認為集團已策略性離開香港地產市場。考慮到集團在2016年曾動用90億元進行股份回購,該行直言,若集團未來數月重啟回購並不感到意外。

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