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野村:維持長建(1038.HK)“買入”評級 目標價52.3港元
格隆匯 03-17 13:39

野村發研報指,長江基建(1038.HK)去年純利升約3%至75.15億港元,若撇除2020年及2021年之非現金遞延税項相關支出,以及2020年出售項目錄得之收益,調整後之股東應占溢利上升22%,認為這更能反映長江基建的基本經營表現。此外,營運資金在去年達到創紀錄的84億港元,反映集團資產組合的財務彈性。該行維持“買入”評級,及52.3港元的目標價。

報吿指,長建資產負債表保持強勁,截至去年底負債率為14.7%,處於健康水平。集團宣派末期息1.81港元,按年增長1%,是自1996年上市以來連續25年保持股息增長。該行又認為,當前的高通脹環境也應轉化為長建業務更高收入和監管資產基礎。

野村預計,管理層將繼續維持保守的資產負債表,以便為可能出現的任何潛在併購做好準備,同時保持其股息增長。此外,長建已確認有人已表明有意購買其在英國電力網絡的部分或全部權益。如果相關出售成事,預計集團將進一步提升潛在的併購和股息支付。

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