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《大行报告》大和升粤投(00270.HK)评级至「买入」 目标价微降至17.1元
阿思达克 06-24 10:39
大和发表研究报告指粤投(00270.HK)股价自6月起已调整10%,投资者关注上半年业绩或表现较弱,公司派息於去年增8%,该行相信其资产负债表维持健康水平,可支持上半年6-7%的股息增长,预期2021-23年东江水价将於10月份公布,消除水价悬念,在稳定的4.4%股息收益及股价已大致反映负面因素下,将其评级由「跑赢大市」升至「买入」,目标价由17.2元略降至17.1元。

该行指,公司首季经常性溢利按年下跌10%,主因其百货店、酒店、电力销售、公路等分部受到新冠疫情影响而盈利减少,但相信第二季有改善。

该行又指,虽然今年盈利受压,但管理层维持今年派息增长预期,该行相信公司可於2019-22年维持派息的年复合增长率在7-8%。公司去年底净现金为50亿元,每年经营现金流为70-100亿元,故可支持派息和资本开支。

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