《大行報告》大摩上調長實集團(01113.HK)目標價至50元 評級「與大市同步」
摩根士丹利發表研究報告,指長實集團(01113.HK)預期今年派息至少增長13%,投資者將關注其170億元基建資產併購計劃投票會否被否決,或發行新股或導致9%股權攤薄,而股份回購價格為51元,或成為短期股價限制,目標價由46元升9%至50元,評級「與大市同步」。
報告稱,具多元業務綜合企業,通常會帶來更大資產淨值(NAV)折讓。大摩表示,長實近期在香港買地,相較具經常性收入業務而言,屬低市盈率業務;近期關連交易亦無助於估值。
大摩指出,倘併購交易獲准,管理層承諾今年將增加派息9.1億元,致每股分派最少2.03元,以現股價約50元計,股息收益率料4.1%;該行認為是合理,但不是便宜。
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