野村:維持長和(0001.HK)買入評級 目標價74.5港元
野村發表研究報吿稱,長和(0001.HK)去年純利錄290億港元,分別較市場及該行預期的低1%及3%,惟業績確認了集團大部分業務盈利在去年下半年已在復甦;更重要是經營自由現金流按年上升29%至280億元,主要歸功於利息支出及營運資本管理改善,維持其買入評級,目標價續看74.5港元。
野村指,長和於去年底共收取207億港元出售歐洲塔類資產的收益,管理層重申會根據市場情況,將部分收益用作股份回購,惟沒有透露其規模及時間表。該行預期,長和將於今年展開回購計劃,並至少持續兩年;至於餘下的收益料會用於去槓槓及用作於潛在收購機會。
該行又認為,赫斯基能源與Cenovu的合併已於今年初完成,將可提供更大長遠價值。而集團亦預期合併後,今年可產生10億加元的成本協同效應,從而令今年油價打和點更低,料為每桶36美元。從長遠來看,相信是次合併將給長和帶來更好的估值上行潛力。另外,美元持續疲弱亦將有利長和的盈利表現。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.