《大行报告》大和降粤投(00270.HK)评级至「跑赢大市」 目标价下调至14.2元
大和发表研究报告,指粤海投资(00270.HK)自3月下旬宣派末期息後股价累跌12%,计及中期息全年每股共派58.9仙,按年仅升2%,略逊该行预期按年升4%,以上日(7日)收市价计股息率4.8%,派息比率亦由对上财年的74.9%扩至85.4%。报告称,粤投财政状况稳固,有提升杠杆比率空间。为覆盖派息及资本开支带来的潜在经营现金流缺口,大和降其投资评级,由「买入」下调至「跑赢大市」,目标价由16元降至14.2元。
报告称,粤投去年末季复苏慢过预期,税前盈利按年跌3%,并认为其供水业务未来面对盈利压力,源於庞大资本开支及内地经营成本上升。此外,由於出售物业土地增值税上升,有效税率由2019年的24.5%升至去年的31.2%。
大和料粤投2021至2023年间可维持每股分派按年升3%至5%,派息比率介乎74%至79%。2021至2023年间粤投股息率料5%至5.4%。大和并降其2021至2022年每股盈测10%至13%,以反映内地水务盈利增长放缓。
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