《大行報告》瑞信上調長實集團(01113.HK)目標價至65元 評級「跑贏大市」
瑞信發表研究報告,指長實集團(01113.HK)上半年基本純利按年跌8%,主因來自香港部分入賬較少,僅相當於該行對其全年預期的36%;中期息按年升20.6%至每股41仙,相等於其保證全年每股分派的約20%。
該行指出,公司上半年來自中港兩地的合約銷售共170億元,截至6月底,未入賬銷售415億元,當中最多200億元預期將於今年下半年入賬。
瑞信稱,因應集團物業租務收入遜色,基建投資和公用事業令其收入來源進一步多元化,經常性業務盈利上半年按年增27%,貢獻盈利佔比擴至43%,較去年同期高出9個百分點。
該行調整長實集團今明兩年盈測,並引入2023年預測,報告下調其資產淨值(NAV)估算3%,但由於經營環境改善,NAV折讓由45%收窄至40%,目標價相應由61.6元升至65元,維持「跑贏大市」評級,喜好其經常性業務敞口擴張。
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