大摩:料長和(0001.HK)資產負債率會有改善 但回購可能性不大
摩根士丹利發表研究報吿指,長和(0001.HK)去年的每股盈利和股息按年減少27%,不過,該行預期兩者將在今年有所增長。零售及港口在去年底至今年初有強勁復甦,相信資產負債率會有改善,但回購可能性不大。
該行指,集團去年的營運現金流按年跌21%,自由現金流(FCF)按年增長29%,這受惠於營運資金按年減少90億港元。該行預期,如果不計入營運資金,公司自由現金流量(FCFF)和股權自由現金流(FCFE)將分別下降8%和19%,股權自由現金流的收益率為5.9%。
大摩指,集團今年可能會從銷售中一次性獲得510億港元的收益,以及730億港元的現金收益,可能使淨債務比率下降至約15%。
至於港口的EBITDA,去年下半年按年下跌23%至54億港元,遜於該行預期,不過,所有市場的標準箱增長在11月已轉正,並在今年1月、2月持續。

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