《大行報告》高盛上調中信股份(00267.HK)目標價至7.3元 評級「中性」
高盛發表研究報告,指中信股份(00267.HK)去年純利566億元,撇除出售麥當勞內地及香港業務權益收益,核心純利按年升1%至542億元,符該行預期。報告稱,如今年1月企業日摘要所述,集團近月在特定板塊經營見復甦,支持其去年下半年純利按年轉升45%,扭轉上半年按年跌19%勢頭。
報告表示,中信股份大部分純利來自金融服務,非金融板塊業績好壞參半,特鋼、鐵礦砂及重工業務強勁,惟旗下鋁合金車輪製造商中信戴卡去年純利跌26%,另工程及建築業務純利亦倒退10%。
高盛稱,中信股份末期息38.8仙,全年共派息48.8仙,全年計按年增5%,意味派息比率維持25%。該行上調中信股份2021至2023年各年每股盈測介乎17%至19%,以反映業績及集團優化業務結構的努力,料今明兩年純利分別升13%及6%,至分別640億及675億元。予目標價由6.7元升至7.3元,相當於目標每股資產淨值(NAV)折讓維持50%,維持「中性」評級。高盛補充,在內地及香港綜合企業中,偏好長和(00001.HK)及復星國際(00656.HK)。
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