《大行報告》大和上調長建(01038.HK)目標價至50元 評級「買入」
大和發表的研究報告指,考慮到美元弱勢等,認為長江基建集團(01038.HK)將受惠,因其盈利與通脹相關、加上澳元及英鎊強勢,重申「買入」評級,目標價由48元升至50元。
該行指出疫情影響將到尾聲,公司去年上半年受疫情直接影響,疫情相關成本達4.43億元,英國政府取消企業減稅措施亦帶來14億元的非現金損失,而澳元及英鎊弱勢亦有帶來影響。該行認為雖然疫情拖累去年的勢頭,令淨利跌27.5%,不過認為今年受惠弱美元公司將轉勢,除了因為公司海外受規管的收入與通脹掛鉤外,今年以來英鎊及澳元分別升7%及12%,利好公司兩大業務板塊,而疫情後訂單亦潛在反彈。儘管公司與英國電力網絡的利潤重啟將在第四季公布,該行相信投資者不會過份悲觀。
大和認為公司股息率吸引,2021年預測股息率達5.8%,估計公司經營現金流繼續逾80億元,可支持2021-22年派息62-65億元,另外亦料公司會進一步降低負債比率,準備在疫情後撈底進行大型併購。(el/u) ~
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