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《大行报告》花旗上调长实集团(01113.HK)评级至「中性」 升目标价至51元
阿思达克 03-19 14:51
花旗发表研究报告指,长实集团(01113.HK)向李嘉诚基金会收购4项公用资产,作价170亿元,公司将以发行股份支付,为降低摊薄,公司将以每股51元回购同样数目的股份。为增加吸引力,公司同时承诺在2021及22年度,派息不少於2020年水平以及因为交易所得的约9.1亿元资金贡献,相等於每股派息不少於1.877元(假设最终没有回购)。认为公司的派息应承诺是一个正面消息,但预期股东会於51元以上套现获利,目标价由34.5元升至51元,即较NAV折让50%,评级由「沽售」升至「中性」。

该行指,公司今年推出3个项目,包括波老道、洪水桥和黄竹坑3期,但因当中两个为豪宅项目,故相信销售速度会较慢,公司至去年底,未入账销售为413亿元,当中320亿元料於本年度入账。

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