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《大行报告》摩通首予新创建(00659.HK)「增持」评级 目标价8元
阿思达克 10-08 10:02
摩根大通发表的研究报告指,首予新创建集团(00659.HK)「增持」评级,目标价8元,意味有29%的潜在上行空间。

该行指出新创建由新世界发展(00017.HK)持有61%,而其核心业务包括收费道路、飞机租赁、建议及保险等,其股价自2019年9月以来已跌约五成,而2019财年每股派息亦有削减,管理层现时估计派息将稳定或渐进,该行认为市场或忽略了相关因素,认为公司股息率达10厘,加上有稳定现金流,估计每股派息最少达0.58元,并将成解锁价值的催化剂。

摩通指出,新创建宣布削每股派息、加上受疫情影响,股价已跌约五成,而公司亦已重整其派息政策,并指将采取稳定或渐进的派息,该行相信市场将重新注视新创建,并带来股价反弹机会,估计公司2021财年股息率将是同业中最高达9.6%,较美国十年债息高900个基点,加上其自由现金流亦为公司提供足够缓冲维持派息。

在估值上,摩通估计新创建的组合估值达270亿元,抵销其250亿元债务有余,而公司现时市值240亿元反映投资者仅估计富通保险方面的公平价值,而公路及建筑等业务未完全反映在股价上,飞机方面的业务更是未有计及。(el/w) ~

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