一文了解券商於長實集團(01113.HK)公布中期業績後最新觀點及目標價
長實集團(01113.HK)今早股價曾低見40.35元一度下滑9.4%,市場對其削減中期派息感到意外。集團昨收市後上半年基礎溢利,按年減少35.5%至83.67億元;集團上半年營業額363.23億元,按年升6.8%,純利63.6億元,按年跌58%;每股列賬溢利為1.72元,按年跌58%,主要因為新型冠狀病毒疫情對集團業務帶來負面影響。派每股中期息0.34元(本網早前綜合4間券商料長實集團今年每股中期息預測均為0.52元按年持平),上年同期派0.52元。
就長實集團中期派息減至34港仙,主席李澤鉅昨指出,不能為派息政策作預測,但強調正在看收購機遇,期望為股東帶來更好增長。在收購目標方面他表示公司主要考慮利潤及質素,期望可為股東帶來可持續收入,中期來說目標是維持健康的派息政策,強調對中國內地及香港都有信心。
【削減中期息 令市場意外】
摩根大通表示,對長實集團削減中期派息35%最感意外(維持分派比率15%),相信主要是基礎溢利倒退,但認為估值已反映潛在風險,指核心業務仍然穩固,維持對其「增持」評級。高盛下調對長實集團目標價由61.5元降至60元,調低對其2020年至2022年每股盈利預測各10%、4%及3%。
花旗發表研究報告,將長實集團評級由「中性」降至「沽售」,目標價由37.4元降至34.3元,估值相當每股資產淨值折讓65%。指長實集團受到新冠肺炎疫的明顯影響,包括中環辦公室和奢侈品零售、香港酒店、豪宅市場、中國投資組合、英國酒吧、航空租賃等。上半年公司表現遜預期,特別是派息減35%是令人意外。
本網綜合7間券商列出對長實集團的最新評級及目標價:
券商│評級│目標價(港元)
大和│買入│68.3元
摩根大通│增持│60.4元
高盛│買入(「確信買入」名單)│61.5->60元
摩根士丹利│與大市同步│55元
瑞信│跑贏大市│51.9元
瑞銀│中性│48.6元
花旗│中性->沽售│37.4->34.3元
---------------------------
券商│觀點
大和│物業銷售利潤為新冠疫情影響提供了緩衝
摩根大通│基本經常性收入未受影響,減派息幅度高於預期
高盛│上半年業績符合預期,對減派股息感失望
摩根士丹利│對減派股息感到失望
瑞信│上半年業績受酒吧運營和酒店業務拖累
瑞銀│對減派股息感到失望
花旗│對減派股息感到失望
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