《大行報告》大和升長建(01038.HK)目標價至56.2元 股息率仍吸引
大和發表研究報告,指長江基建(01038.HK)的股價自3月23日市場恐慌性拋售以來已反彈29%,而在此期間英鎊兌港元的匯率微升5%。雖然公司2020年的預期收益率在過去兩周由7.1%跌至5.3%,但認為在目前新冠病毒大流行的環境下,其收益率相比其他板塊具吸引力,例如房地產及銀行板塊正進行削減派息或暫停派息的舉動。基於長建過去提升派息的往績,重申其「買入」投資評級,目標價由原來的48元上調至56.2元。
該行指,看到公司可能將淨負債率由2019年底的18%下調至2020年底的14%,以為今年下半年至明年疫情結束後進行大規模併購做準備。
另外,截至2019年底長建分別有55%及24%的經常性收入來自英國及澳洲,相信英鎊及澳元兌港元今年來分別貶值約7%及14%,會對盈利構成負面影響。然而,隨著英鎊近期回升,該行將公司2020至2022年的每股盈利預測上調2%。對於長建而言,其現金流中只有一半以英鎊或澳元計,估計對今年的營業現金流影響僅得約6.5億港元。
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