《大行報告》大摩料深高速(00548.HK)估值見底 首予「與大市同步」評級
摩根士丹利發表報告,首次覆蓋研究深高速(00548.HK),予其「與大市同步」評級,以分類加總估值法計,予目標價7.2元。該行表示,受惠於公路收入穩定復甦,深高速估值料已見底,不過認為其路費收入及中長期的資產回報增長有限。
大摩提到,喜好集團有穩固的盈利增長及派息紀錄,並相信由疫情造成的公路車流減少,及公路免收費政策的負面影響已反映,預期集團的收費公路業務可受到內地經濟復甦及大灣區建設所支持。
該行又估計,深高速今年純利將按年下跌46.3%,明年及2022年則料分別按年增長84.9%及12.7%。大摩料深高速2019至2022年間收入年均複合增長達10.3%,同期稅息前盈利(EBIT)年均複合增長達12.5%。該行料深高速非收費公路業務(環境及商業物業發展)較核心業務更具增長空間。
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