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《大行報告》匯豐研究升越秀交通基建(01052.HK)目標價至8.3元 評級「買入」
阿思達克 11-25 09:39
匯豐研究發表報告,指越秀交通基建(01052.HK)分拆漢孝高速公路爲投資信託基金REIT在深交所單獨上市一事,發行價爲每股7.1元人民幣,較招股價下限有9%溢價,反映資金對長遠收息產品的需求,涉及總市值爲21.3億元人民幣,息率的內部回報率爲6.8%。 該行引述越秀交通基建管理層指,預期REIT上市將於12月完成,公司將持有30%股權,預期可錄出售稅前收益約9.6至9.89億元人民幣,或稅後盈利7.2億元人民幣。整體而言,公司目標維持50至60%派息比率,預期一次性獲利可增今年派息,加上REIT有50年期,而公路條款餘期爲15年,相信分拆REIT可爲公司提供新的融資渠道,以退出更成熟的項目,並提供潛在的資產注入平臺。 該行維持其「買入」評級,將其2021至2023年度盈利預測上調73%/6%/6%,目標價由7.7元升至8.3元。
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