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大和:長江基建集團(1038.HK)派息遜預期 業績欠缺正面驚喜
格隆匯 03-18 13:29

大和發表研究報吿指,長江基建集團(1038.HK)去年純利跌30%至73億港元(下同),全年合共派息2.47元,按年升0.4%,但低於該行預期的每股派息2.49元。與電能實業的業績相比,電能派息增長令人驚喜,認為長建業績欠缺正面驚喜。

大和表示,電能去年純利按年跌14%至22.05億元,計算出經常性淨溢利按年跌9%;英國業務純利跌43.8%,主要由於疫情相關成本上升、Northumbrian Water利潤貢獻下降等影響。即使再加上11億元非現金遞延税項虧損,長建英國業務溢利跌20%仍是不理想。

該行指,長建的澳洲業務純利跌10.5%至19億元,主要由於疫情成本和澳元貶值所影響。據該行理解,SA Power Networks、Victoria Power Networks及DUET的盈利均應下降。此外,由於長建在去年下半年在疫情相關成本影響方面的升幅較電能大,因此認為下半年大部分成本,可能來自加拿大Park NFLY和紐西蘭的Eniro Waste,這兩方面受疫情的影響最大。

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