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高盛:疫情對長和(0001.HK)業務影響可控 呼籲買入
格隆匯 03-20 17:20

高盛發表研究報告指,長和(0001.HK)去年業績合符該行及市場預期,而去年下半年在撇除赫斯基能源業務後,大部分業務表現都穩定。儘管新冠肺炎疫情無可避免對集團遭成影響,但相信其影響只波及零售業務且可控,認為集團股價已調整過度,因此維持其“確信買入”名單,惟降目標價由94港元降至82港元。

高盛指,疫情令集團部分中國門店在2月份短暫關閉,但受必需品需求上升下,歐洲同店銷售實質有上升;至於近期油價波動對集團現金流的影響亦料有限,因為長和每年可從赫斯基收取10至20億元的股息,而赫斯基資本亦強勁,其淨負債水平仍處於27%的低水平。

該行又指,擁有2.85萬座鐵塔的新公司CK Hutchison Networks有望於今年6月成立,目前正待監管機構批准,意味集團將具更多方法如IPO等來釋放價值。

考慮到疫情、油價及匯率最新走勢,該行下調長和今、明兩年每股盈利預測1-11%,並預期集團今年利潤將按年跌6%,惟明年盈利料可回覆增長14%。

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