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《大行報告》摩通首予新創建(00659.HK)「增持」評級 目標價8元
阿思達克 10-08 10:02
摩根大通發表的研究報告指,首予新創建集團(00659.HK)「增持」評級,目標價8元,意味有29%的潛在上行空間。

該行指出新創建由新世界發展(00017.HK)持有61%,而其核心業務包括收費道路、飛機租賃、建議及保險等,其股價自2019年9月以來已跌約五成,而2019財年每股派息亦有削減,管理層現時估計派息將穩定或漸進,該行認為市場或忽略了相關因素,認為公司股息率達10厘,加上有穩定現金流,估計每股派息最少達0.58元,並將成解鎖價值的催化劑。

摩通指出,新創建宣布削每股派息、加上受疫情影響,股價已跌約五成,而公司亦已重整其派息政策,並指將採取穩定或漸進的派息,該行相信市場將重新注視新創建,並帶來股價反彈機會,估計公司2021財年股息率將是同業中最高達9.6%,較美國十年債息高900個基點,加上其自由現金流亦為公司提供足夠緩衝維持派息。

在估值上,摩通估計新創建的組合估值達270億元,抵銷其250億元債務有餘,而公司現時市值240億元反映投資者僅估計富通保險方面的公平價值,而公路及建築等業務未完全反映在股價上,飛機方面的業務更是未有計及。(el/w) ~

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