大和:重申長實(1113.HK)“買入”評級 目標價68.3港元
大和發表研究報告表示,長實(1113.HK)物業銷售盈利為抵御新冠狀病毒疫情的影響提供了緩衝,而財務能力仍強勁,可維持每股派息,重申對其“買入”評級,目標價續看68.3港元。
大和指,雖然疫情對長實旗下酒店、酒吧發飛機租賃和其他業務均造成重大影響,惟集團中期基本純利按年下跌35.5%至83.67億港元,仍勝於該行預期的76億港元。而集團物業銷售的經營利潤率提升至46.2%,其中內地物業銷售的經營利潤率更高達60.7%;截至6月底的未入帳的合同銷售額約為280億港元,將有助鞏固其未來幾年的盈利前景。
該行續指,期內長實淨負債率僅為5.2%,相信其維持派息的財務能力仍非常強,認為集團削減中期息似乎是希望在市場情緒疲弱時來投資香港土地及其他基礎設施項目等,惟大和認為,長實並無削減派息的必要性。

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