《大行報告》大摩下調長實集團(01113.HK)目標價至55元 評級「與大市同步」
摩根士丹利發表報告表示,長實集團(01113.HK)去年度每股派息按年增長10.5%,增幅為該行覆蓋之本港地產股中最高,預期該公司過去3年經常性溢利(撇除發展物業)之年複合增長率為14%,而自2015年重組上市以來,其股息年複合增長率為11%,報告更料約5%的收益率有望持續下去。
報告又指,由於旗下酒店有一半屬長期住宿,故業務具有韌性,但其餘部分已受到新型肺炎疫情的打擊;英國酒吧業務受到封鎖嚴重影響,但外賣服務仍進行中;至於飛機租賃受現有合同保護,惟部分租約將於今年第四季到期。即使假設今年度上述三項業務盈利大減50%,估計仍有80億元的股息將由經常性收入支付,同時其淨負債比率僅16%,亦可支持派息可持續性。
該行下調長實今年盈利預測21%,主要是反映香港物業銷售下降及上述三大業務盈利下跌,目標價相應由60元降至55元,維持「與大市同步」評級。
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