《大行報告》高盛降長和(00001.HK)目標價至79元 剔出確信買入名單
高盛發表研究報告,指出長和(00001.HK)各項業務盈利復甦,加上出售歐洲鐵塔資產所得用於回購,帶動價值增長,帶動股價今年初表現跑贏本港其他綜合企業及本地房地產股。但由於其未來回購力度缺乏可見度,以及無明顯價值釋放機會,對其短期估值重評空間抱更懷疑態度,將長和剔出確信買入名單,但維持予「買入」評級。
該行指出,長和運用出售鐵塔資產的現金收益,用於公開市場回購股份,但隨着歐元及英鎊兌港元自9月起開始貶值,長和股價在過去三個月內累跌約一成,自2016年1月底將其加入確信買入名單以後,股價已累跌約47%,對比同期恆指升25%。
展望未來,高盛仍然相信,憑藉更強的盈利能力及資產負債表,長和將在大市波動中企穩,預期2023年每股盈利將完全恢復至2019年的水平,並預計集團淨債務對淨資本比率可降至16%。
該行料長和今年核心盈利按年增長35%,意味下半年核心盈利按年增長20%,較上半年增長60%大幅放緩。高盛認爲年初至今長和大多數部門的基本面復甦保持不變,財務指標有所改善,基於匯率、業務表現及股票回購情況,將長和2021至2023財年每股盈利預測下調約1%至3%,目標價由84元降至79元。
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