《大行報告》野村下調長和(00001.HK)目標價至71.2元 評級「買入」
野村發表的研究報告指,長和(00001.HK)上半年淨利183億元,按年升41%,大致符該行及市場預期,同時亦確認公司自2020年復甦,期內大部分業務均已復甦,而零售及港口業務亦有強勁增長,公司宣派中期息每股0.8元,按年升30%。截至6月底集團淨負債與淨資本比率改善至19.9%,主要受惠出售歐洲鐵塔資產後部分收益。展望將來,該行相信資本配置將是管理層的重要焦點,而公司回購已自3月開始,回購接近800萬股,平均價約為59.5元,該行估計將陸續有來。而出售資產其餘所得將用於去槓桿,以節省利息開支等,同時倘有合適機會亦會用於潛在收購。
該行指出上半年集團零售及港口業務EBIT均有鼓舞表現,兩者均受惠環球經濟復甦及放寬封城等,相信兩個分部於下半年仍然是集團主要盈利增長引擎。而在歐洲電訊分部EBITDA方面,按當地貨幣計算跌8%,主要因為出售鐵塔資產後有鐵塔服務費,以及意大利市場競爭激烈拖低利潤等,另外折舊及攤銷等亦影響EBIT表現。
該行將公司2021/22財年每股盈測降2%及7%,以反映出售鐵塔資產後鐵塔服務費對盈利帶來的影響,但基於該行的估算,長和估值維持吸引,目標價由74.5元降至71.2元,意味仍有26%潛在上行空間,重申「買入」評級。(el/k) ~
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