《大行報告》匯豐研究上調長實集團(01113.HK)目標價至63.6元 評級「買入」
匯豐研究發表報告指,長實集團(01113.HK)上半年業績大致符預期,期內每股派息升21%令投資者相信公司在波動的市場中屬防守性股份。該行相信公司值得更好的估值,主要受惠地產及持續經營業務有改善,維持「買入」評級,目標價由63.2元升至63.6元。
該行指出,公司上半年基本溢利按年跌9%至76億元,符市場預期,而跌幅主要是受物業入帳時間影響,而公司宣派每股中期息0.41元,按年升21%,與之前承諾一致。該行相信每股派息提升將強化投資者對公司作爲防守型股份的信心。
在地產業務方面,雖然租賃業務仍受壓,期內收入跌3%,不過物業銷售及酒店業務均明顯改善,留意到公司今年以來獲兩幅住宅地,而其豪宅項目售價亦較高。另外公司是少數酒店業務仍有盈利的地產公司,上半年其EBIT爲1.24億元,相信是受惠服務式住宅及酒店比例平衡。
至於持續經營業務方面,上半年經營溢利升115%至27億元,相信是受惠英國酒吧重開,令相關業務虧損幾乎減半,由於當地放寬封城措施,相關業務7月亦扭虧。(el/s) ~
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