大和:削長基(1038.HK)目標價至48港元 指調整後股息率極具吸引力
大和發表研究報告稱,長江基建(1038.HK)3月至今股價已累跌33%,主要是由於基金贖回導致市場流動性收緊。儘管長建自1996年上市以來,23年每股派息都持續上升,惟近期英鎊及澳元兑港元貶值10-17%均促使市場對公司恐慌性拋售,並令長建現時股息率變得非常吸引,其股息率達7.1釐,跑贏本港其他公用股,因此重申其“買入”評級,惟大削目標價31.4%,由70港元下調至48港元。
該行指,長建已重申長期仍會維持派息政策增長。儘管英國及澳洲監管環境艱難,令英國水務公司Northumbrian Water的資產回報重置交易變得更具挑戰性,但大和認為,公司擁有85億港元經營現金流,將有能力可維持派息。
大和又指,長建亦預期會進一步將淨負債率下降至14%,以準備在疫情過後尋找收購機會。但由於英鎊貶值對長建盈利構成負面影響,因此下調長建2020-21年每股盈利預測8%。

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