大和:升深圳國際(0152.HK)評級至買入 削目標價至17.3港元
大和總研發表研究報告指,即使受收費公路收入下降影響,深圳國際(0152.HK)去年盈利仍好於預期,加上強勁的房地產銷售和佣金收入支持了其股息分派。該行將其評級由“優於大市”上調至“買入”,將目標價由18.6港元下調至17.3港元(單位.下同)。
大和指出,深圳國際去年純利50.2億元,按年升19%,優於該行預期,另外來自深圳高速公路的收入亦按年上升2%。該行指,集團新的環保服務收入抵銷了收費公路收入損失。
大和指,集團繼續宣佈派發每股0.64元的特別股息,在2019年總共派發每股1.17元的股息,維持派息比率為50%,預計2020年的股息收益率將為6%。另外,又將其今年每股盈利預測下調6%。
至於新冠肺炎疫情方面,大和認為,物流園區免收2個月的費用,以及收費公路免收費將對集團今年的收入產生負面影響,但管理層認為中國疫情已受控,因此不太可能再有額外免收費用,集團亦正就收費公路補貼問題進行討論。該行續指,深圳航空的虧損亦正在縮小,因此集團的下行風險有限。

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