《大行報告》花旗升長和(00001.HK)目標價至84元 料指去年下半年呈明顯復蘇
花旗發表的研究報告指,已留意到長和(00001.HK)港口及零售業務有復甦跡象,而加上能源業務重組,公司今年核心淨利回復正增長。該行指出公司現價較資產淨值有53%折讓,估值相對便宜,相信股價催化劑包括股份回購,料完成出售意大利及英國鐵塔資產後便有機會發生,維持「買入」評級,目標價由73.5元升至84元,維持「買入」評級。
該行指出公司去年純利291.43億元,按年跌27%,大致符預期,而EBITDA則按年跌10%至1,223億元。期內港口及零售業務均受疫情拖累,不過情況在去年下半年有顯著改善。而赫斯基方面錄重大經營虧損,料相關資產減值仍高於出售鐵塔資產所得。公司宣派末期息每股1.7元,全年計派息每股2.314元,維持派息比率在31%左右水平。
展望2021年管理層指將繼續投資於零售業務,同時亦會尋找電訊行業的整合機會,此外亦會視乎鐵塔資產交易進展進行回購。(el/k) ~
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