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《大行報告》瑞信下調粵投(00270.HK)目標價至13元 評級「跑輸大市」
阿思達克 03-29 11:10
瑞信發表研究報告,指粵海投資(00270.HK)去年純利按年跌11%至45億元,主因酒店、商場和電力業務營運受疫情影響,末期息升2%至59仙,略低於市場預期的60仙。

該行指出,粵投水務業務純利跌4%,但仍是其最大的盈利貢獻來源,佔比55%;物業業務擴大84%,主因物業銷售改善與投資物業公允值調整。電力和商場業務利潤按年分別跌42至47%,酒店業務盈轉虧,去年蝕1.22億元,對上財年賺9,500萬元。去年公司維持淨現金水平。

該行降粵投2021年每股盈測5%,主要反映香港水務收入暫時凍結,以現金流折現率計,目標價由13.5元降至13元,評級維持「跑輸大市」。在收息股中,該行相信長建(01038.HK)及電能(00006.HK)的介乎5%至6%股息率,較粵投的4%更加吸引。

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