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《大行報告》大和降長建(01038.HK)評級至「跑贏大市」 目標價上調至51元
阿思達克 03-22 13:05
大和發表研究報告,下調長江基建(01038.HK)投資評級,由「買入」降至「跑贏大市」,目標價則由50元升至51元。報告稱,其估值邁向合理水平,股息收益率5.3%。

報告指出,長建較電能(00006.HK)估值溢價主要源於可持續每股分派增長(電能則維持每股分派約2.8元水平)。即使未來沒併購活動,隨著電能有望持續增加年度每股分派,加上電能淨現金狀況較佳,該行認為長建介乎5.3%至5.4%的股息收益率,較電能的6.3%相形見絀。

此外,大和稱,長建旗下美國機場泊車業務Park 'N Fly及紐西蘭廢物處理業務EnviroWaste持續受疫情影響。該兩業務以外,去年下半年長建錄1.6億元新冠相關成本,按半年減少64%;惟電能去年下半年新冠相關成本減幅更大,按半年跌約89%,至介乎3,000萬至4,000萬元。同時,報告指出,長建其餘競爭力與大規模併購高度關連,及取決於每股分派增長會否加快。

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