大和:升長建(1038.HK)目標價至56.2港元 評級“買入”
大和發表研究報告稱,長江基建(1038.HK)股價自3月中下旬基金贖回觸發恐怖性拋售後已反彈29%,加上期間英鎊兑港元亦回升5%,導致公司股息率由7.1釐降至5.3釐,惟對比香港其他板塊,如地產股及銀行股,受新冠狀病毒疫情影響無不是削減每股派息或停止派息,認為長建股息率仍具吸引力,因此重申其“買入”評級,並上調目標價17%,由48港元升至56.2港元。
大和指,長建已強調會維持其每股派息增長,另外公司亦料於今年底將淨負債率進一步降至14%,以準備在疫情過後尋找收購機會。由於公司經常性收入分別有55%及24%來自英鎊及澳元,估計英鎊及澳元兑港元貶值將對公司盈利構成約7%及14%的負面影響,但考慮到近期英鎊匯價有所回升,大和將長建2020-2021年每股盈利預測上調2%。

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