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大和:太古A(0019.HK)中期業績好壞差半 惟資產負債表仍穩健
格隆匯 08-14 12:57

大和發表研究報告指,太古A(0019.HK)中期業績好壞差半,其中國泰航空(0293.HK)拖累上半年基本盈利表現,但部份業務有所改善,淨負債率為15.6%。

大和指,太古A上半年錄經常性基本淨虧損1.23億港元,主因國泰應占虧損44.4億港元,從而抹平其他業務所有的利潤貢獻。在太古旗下業務中,國泰是最受疫情影響,因為其酒店業務、海洋業務及貿易及工業等部門純利按年變化相對較細;至於可口可樂業務表現更有大改善,純利貢獻按年升26%,而港機集團亦扭虧為盈,賺5600萬元;而太古地產(1972.HK)上半年業務表現亦具彈性。

該行認為,太古在資產負債表及現金流方面均見改善,經營現金按年增加18%至51.76億港元,而集團亦表明國泰完成390億資本重組計劃後已有足夠的財務資源來渡過危機,事實上過去國泰亦一直靠自身的資源來營運及發展,且是太古主要的收取股息對象。

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