《大行报告》大摩上调长实集团(01113.HK)目标价至50元 评级「与大市同步」
摩根士丹利发表研究报告,指长实集团(01113.HK)预期今年派息至少增长13%,投资者将关注其170亿元基建资产并购计划投票会否被否决,或发行新股或导致9%股权摊薄,而股份回购价格为51元,或成为短期股价限制,目标价由46元升9%至50元,评级「与大市同步」。
报告称,具多元业务综合企业,通常会带来更大资产净值(NAV)折让。大摩表示,长实近期在香港买地,相较具经常性收入业务而言,属低市盈率业务;近期关连交易亦无助於估值。
大摩指出,倘并购交易获准,管理层承诺今年将增加派息9.1亿元,致每股分派最少2.03元,以现股价约50元计,股息收益率料4.1%;该行认为是合理,但不是便宜。
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