《大行报告》大和降长建(01038.HK)评级至「跑赢大市」 目标价上调至51元
大和发表研究报告,下调长江基建(01038.HK)投资评级,由「买入」降至「跑赢大市」,目标价则由50元升至51元。报告称,其估值迈向合理水平,股息收益率5.3%。
报告指出,长建较电能(00006.HK)估值溢价主要源於可持续每股分派增长(电能则维持每股分派约2.8元水平)。即使未来没并购活动,随着电能有望持续增加年度每股分派,加上电能净现金状况较佳,该行认为长建介乎5.3%至5.4%的股息收益率,较电能的6.3%相形见绌。
此外,大和称,长建旗下美国机场泊车业务Park 'N Fly及纽西兰废物处理业务EnviroWaste持续受疫情影响。该两业务以外,去年下半年长建录1.6亿元新冠相关成本,按半年减少64%;惟电能去年下半年新冠相关成本减幅更大,按半年跌约89%,至介乎3,000万至4,000万元。同时,报告指出,长建其余竞争力与大规模并购高度关连,及取决於每股分派增长会否加快。
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