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《大行报告》瑞信下调粤投(00270.HK)目标价至13元 评级「跑输大市」
阿思达克 03-29 11:10
瑞信发表研究报告,指粤海投资(00270.HK)去年纯利按年跌11%至45亿元,主因酒店、商场和电力业务营运受疫情影响,末期息升2%至59仙,略低於市场预期的60仙。

该行指出,粤投水务业务纯利跌4%,但仍是其最大的盈利贡献来源,占比55%;物业业务扩大84%,主因物业销售改善与投资物业公允值调整。电力和商场业务利润按年分别跌42至47%,酒店业务盈转亏,去年蚀1.22亿元,对上财年赚9,500万元。去年公司维持净现金水平。

该行降粤投2021年每股盈测5%,主要反映香港水务收入暂时冻结,以现金流折现率计,目标价由13.5元降至13元,评级维持「跑输大市」。在收息股中,该行相信长建(01038.HK)及电能(00006.HK)的介乎5%至6%股息率,较粤投的4%更加吸引。

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