《大行報告》大和降粵投(00270.HK)評級至「跑贏大市」 目標價下調至14.2元
大和發表研究報告,指粵海投資(00270.HK)自3月下旬宣派末期息後股價累跌12%,計及中期息全年每股共派58.9仙,按年僅升2%,略遜該行預期按年升4%,以上日(7日)收市價計股息率4.8%,派息比率亦由對上財年的74.9%擴至85.4%。報告稱,粵投財政狀況穩固,有提升槓桿比率空間。為覆蓋派息及資本開支帶來的潛在經營現金流缺口,大和降其投資評級,由「買入」下調至「跑贏大市」,目標價由16元降至14.2元。
報告稱,粵投去年末季復甦慢過預期,稅前盈利按年跌3%,並認為其供水業務未來面對盈利壓力,源於龐大資本開支及內地經營成本上升。此外,由於出售物業土地增值稅上升,有效稅率由2019年的24.5%升至去年的31.2%。
大和料粵投2021至2023年間可維持每股分派按年升3%至5%,派息比率介乎74%至79%。2021至2023年間粵投股息率料5%至5.4%。大和並降其2021至2022年每股盈測10%至13%,以反映內地水務盈利增長放緩。
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