《大行報告》美銀證券下調長和(00001.HK)目標價至72元 降今明兩年盈測
美銀證券發表的研究報告指,將長和(00001.HK)目標價由78元降至72元,認為能源板塊雖然僅佔公司資產淨值的2%,但就會拖累公司今年盈利增長10%,故削減了對公司的盈利預測,重申「買入」評級,認為公司業務在衰退期間較有韌性。該行亦認為公司資產負債表強勁,有能力應對下行並自較弱的競爭對手手中搶佔市場份額,近期控股股東增持亦反映對公司有信心。
該行將公司2020至2021年核心盈利預測降9%至13%,以反映能源業務虧損及匯率因素的影響,考慮到能源業務及疫情對零售和港口業務的影響,料公司2020財年核心盈利將跌24%,但2021年核心盈利則有望反彈19%(惟仍低於2019年水平10%),雖然盈利受壓,但該行料公司2020至2021年仍會維持穩定派息。
美銀證券現時估算其能源業務虧損今年將為20億元或以上,公司早前指出油價每桶38.5美元時赫斯基則達收支平衡,如油價在2020年持續維持在25美元的低位,公司估計赫斯基將錄11億加元虧損,長和應佔虧損則約23億港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.