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《大行報告》花旗下調長建(01038.HK)目標價至54.5元 因英稅率調整削今年盈測近15%
阿思達克 05-07 10:24
長江基建集團(01038.HK)公告,英國政府建議自今年4月起適用的企業稅稅率將維持在19%,而非先前所頒佈低降低至17%。倘已頒佈或實質上頒佈稅率及稅法,相關公司的遞延稅項餘額需按預期適用的稅率重新計算,長建預計於6月止六個月財務報表中攤佔聯營及合營業績錄得14億元之一次性不利影響。花旗發表報告表示,因應長江基建最新公告,決定下調對其今年純利預測14.7億元或14.9%,至84.14億元(按年跌19.9%),並微降其明年純利預測1%至91.89億元。

該行表示,重申對長江基建「買入」投資評級,將目標價由55元降至54.5元,此綜合方式作估值,指其今年股息回報預測仍達5.4厘屬吸引,較十年期美國國債孳息率0.66厘高出4.7個百分點,並指喜愛長建多於電能(00006.HK),因長建預測今年市盈率僅13.8倍,對比電能為18.4倍。

花旗認為,長江基建自1996年上市以來,每股派息保持23年的持續上升,相信公司今明兩年純利面臨削減,但仍有能力保持派息上升。該行料長建於2020年至2022年每股盈利預測各3.34元、3.65元及3.54元,料其2020年至2022年每股派息預測分別為2.49元、2.54元及2.69元。

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