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《大行報告》大和:長建(01038.HK)香港業務少 股價回調不合理
阿思達克 05-25 10:35
大和發表研究報告指長建(01038.HK)股價在上周五(22日)調整7%,幅度較其他香港公用股同業的2%至6%為大。該行認為調整是不合理的,因為香港的電力業務僅佔長建2019年盈利的3%;而英國的公用股的市盈率及市淨率估值較長建溢價28%至238%。該行認為,長建潛在將歐洲資產放到倫交所上市的舉動有望恢復長建的價值,重申長建「買入」投資評級,目標價維持56.2元。

該行又指,公司一直強調其持續的每股股息增長,1996至2019年的年複合增長率為12.6%。雖然英國及澳洲的監管環境變得更具挑戰性,但看到公司2019年的營運現金流約為85億元,維持約62億元的派息。另外,該行看到公司或會將淨負債比率由2019年的18%,進一步下調至今年底的14%,以預備在疫情結束後進行大規模併購。

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