《大行報告》大摩料長和(00001.HK)上半年純利按年跌26%至135億元 維持「增持」評級
摩根士丹利發表報告表示,長和(00001.HK)今年以來股價跑輸恆指21%,主因預期每股盈利和分派都均預測下降,但該行認為長和估值仍吸引,維持對其「增持」評級,以反映部份催化劑入賬因素,同時認為公司今年上半年可以度過週期性谷底,維持目標價68元不變。
該行指,長和旗下鐵塔業務可以比電訊公司有更高估值,若Vodafone成功分拆鐵塔業務,可以推動公司估值每股增長7.8元。該行同時預期下半年每股盈利跌19%,因新冠肺炎疫情還未受控,所以即使內地零售、港口、電訊業務復甦,但仍估計下半年盈利錄跌幅,該行預期長和上半年及全年分派降15%,分別為0.74元及2.7元。
大摩表示,看好歐洲經濟,料今年歐元兌美元上升4%,對公司有正面作用。該行亦預期長和今年上半年純利將下降26%至134.61億元,經常性EBITDA及EBIT分別降20%及30%。
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