《大行报告》花旗升长和(00001.HK)目标价至84元 料指去年下半年呈明显复苏
花旗发表的研究报告指,已留意到长和(00001.HK)港口及零售业务有复苏迹象,而加上能源业务重组,公司今年核心净利回复正增长。该行指出公司现价较资产净值有53%折让,估值相对便宜,相信股价催化剂包括股份回购,料完成出售意大利及英国铁塔资产後便有机会发生,维持「买入」评级,目标价由73.5元升至84元,维持「买入」评级。
该行指出公司去年纯利291.43亿元,按年跌27%,大致符预期,而EBITDA则按年跌10%至1,223亿元。期内港口及零售业务均受疫情拖累,不过情况在去年下半年有显着改善。而赫斯基方面录重大经营亏损,料相关资产减值仍高於出售铁塔资产所得。公司宣派末期息每股1.7元,全年计派息每股2.314元,维持派息比率在31%左右水平。
展望2021年管理层指将继续投资於零售业务,同时亦会寻找电讯行业的整合机会,此外亦会视乎铁塔资产交易进展进行回购。(el/k) ~
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