一文綜合大行於長和(00001.HK)公布業績後最新評級、目標價及觀點
長和(00001.HK)今日股價造淡，瑞銀指長和仍未公布股份回購計劃，但相信其公布今年中期業績時有機會公布，摩通指長和去年業績符預期，估計其公布今年第二季時有機會宣布股份回購計劃。該公司昨日(19日)收市後公布去年全年業績，按IFRS 16後基準收益總額按年跌8.2%至4,038.46億元符預期，純利按年跌26.8%至291.43億元，與摩通及美銀早前預測的288.02億及294.91億元相若。
長和去年EBITDA跌10%至1,223.48億元，每股盈利7.56元，派每股末期息1.7元，上年同期派2.3元，總計全年股息為每股2.314元。按IFRS 16前基準，長和去年純利按年跌27%至290億元，與本網早前綜合4間券商預測中位數293.3億元相若。
按業務劃分，去年港口及相關服務部門收益328.65億元，EBITDA為109.14億元，分別按年跌7%及19%，零售業務去年收益按年跌6%，基建部門方面相關EBITDA按年增2%。公司續稱，集團於上半年受到最大影響之業務，尤其是零售及港口部門，雖受惠下半年經濟復甦，惟不足以彌補上半年呈報盈利之巨額跌幅。長和主席李澤鉅表示，集團現金流非常充足，正在留意新收購機會。
【摩通料第二季進行股份回購】
摩根大通表示，長和業績符合該行預測。該行預期長和就出售歐洲電訊鐵塔收取第二筆款項後，將於今年第二季進行股份回購，料規模相當於流通股份6%。假設回購是用作抵銷出售有關業務後租賃成本增加的影響，按目前股價算，預計未來12個月回購股份規模將相等於6%股權，即148億元。該行相信股份回購仍是長和的主要股價催化劑，給予該股「增持」評級及82.5元目標價。野村預期，長和股份回購將於今年內進行，為期最少兩年。扣除回購股份下的出售所得將用作減債及收購儲備。該行指長和股價仍較2021年預測資產淨值折讓44%，給予該股「買入」評級，目標價74.5元，相等資產淨值折讓34%。
瑞銀指出指長和仍未公布股份回購計劃，但相信其公布今年中期業績時有機會公布。該行指長和已完成6項出售協議的其中4項，在業績公布時未披露股份回購詳情。該行預期下一個時間窗為今年第二季，即在意大利相關交易完成後，並早前英國相關協議今年底完成前，有關出售將於2021年帶來出售收益430億元。若以公司的31%派息率計算，相等於每股3.5元或5.5厘股息，即作為特別股息。該行給予長和「買入」評級，目標價67元。
----------------------------------------------------------------
本網最新綜合5間券商對其投資評級及目標價。
券商│投資評級│目標價(港元)
高盛│買入(確信買入名單)│87元
花旗│買入│73.5元->84元
摩根大通│增持│82.5元
野村│買入│74.5元
瑞銀│買入│67元
券商│觀點
高盛│關注第二季潛在股份回購，因料更多電訊鐵塔出售交易完成
花旗│去年下半年見復甦跡象
摩根大通│預期公司第二季或會宣布將進行股份回購
野村│業績確認盈利復甦
瑞銀│未有股份回購消息，指去年業績符預期，估今年資本回報增
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.
