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《大行报告》大和上调长建(01038.HK)目标价至50元 评级「买入」
阿思达克 02-25 10:39
大和发表的研究报告指,考虑到美元弱势等,认为长江基建集团(01038.HK)将受惠,因其盈利与通胀相关、加上澳元及英镑强势,重申「买入」评级,目标价由48元升至50元。

该行指出疫情影响将到尾声,公司去年上半年受疫情直接影响,疫情相关成本达4.43亿元,英国政府取消企业减税措施亦带来14亿元的非现金损失,而澳元及英镑弱势亦有带来影响。该行认为虽然疫情拖累去年的势头,令净利跌27.5%,不过认为今年受惠弱美元公司将转势,除了因为公司海外受规管的收入与通胀挂钩外,今年以来英镑及澳元分别升7%及12%,利好公司两大业务板块,而疫情後订单亦潜在反弹。尽管公司与英国电力网络的利润重启将在第四季公布,该行相信投资者不会过份悲观。

大和认为公司股息率吸引,2021年预测股息率达5.8%,估计公司经营现金流继续逾80亿元,可支持2021-22年派息62-65亿元,另外亦料公司会进一步降低负债比率,准备在疫情後捞底进行大型并购。(el/u) ~

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