《大行報告》摩通降長和(00001.HK)目標至83元 料中期基礎盈利按年跌28%
摩通發表研究報告指,對長和(00001.HK)上半年表現預期不太興奮,料基本盈利跌28%,同時分派跌8%。雖然股份短期欠缺催化劑,其多元化業務不會有結構性轉變,而且估值和派息均吸引,保證該股長期核心持股地位,維持「增持」評級,目標價由87元降至83元。
該行預期長和上半年基本盈利跌28%至131億元,雖然料分派比率由18%升至23%,但中期息仍會由0.87元降0.8元。
該行又指,上半年盈利下跌主要來自赫斯基能源虧損,預期赫斯基上半年虧損47億元(上年同期賺18億元)。因應歐洲的疫情問題,料零售方面EBIT按年跌15%;而中國零售會跑贏,同時利潤維持在接近20%的水平。港口業務和基建業務EBIT下跌5%。3集團則會有5%增長。
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