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《大行報告》一文綜合券商於長實集團(01113.HK)公佈去年業績後最新觀點及目標價
長實集團(01113.HK)今早逆市向上,盤中曾高見53.15元一度升5.1%,最新報52.05元升3%。摩根大通指長實集團派息優於市場預期,顯示集團對今年營運前景具信心,並相信公司有力令派息保持增長,維持「增持」評級。 長實集團昨收市後公佈去年業績,集團收入620.94億元,按年升7.8%。純利212.41億元,按年升30.1%,符合本網綜合4間券商預測集團去年列賬純利介乎197.61億元至217.93億元之預期,中位數爲207.77億元。期內,每股盈利5.77元。派末期息1.79元,上年同期派1.46元。連同中期息,全年派息2.2元,按年增長0.4元或22.2%。 長實集團去年物業銷售收入(包括攤佔合營企業)爲377.98億元,按年下跌2.3%。物業租務收入(包括攤佔合營企業)爲66.93億元,下跌0.9%。集團去年底負債淨額與總資本淨額比率約爲7.9%。集團主席李澤鉅表示,展望今年,疫苗接種普及可望帶動環球經濟回穩,惟復甦動力仍受制於病毒變異情況。集團將進一步鞏固並拓闊業務基礎,故對整體業務於疫情好轉、經營環境改善時重拾增長感到樂觀。 【派息勝預期 前景具信心】 摩根士丹利發表報告表示,長實集團將每股派息增加22%至2.2元,相當於股息收益率4.4%,高於該行預期的每股派2.07元,及疫情前2019年的2.1元。該行認爲,集團今年的盈利能見度高,預期集團今年每股盈利將上升15%,料每股派息可增長10%。該行將長實集團股份目標價由54元升至60元,評級維持「增持」。 高盛表示,長實集團去年每股盈利5.77元按年升30%,符合市場預期,但低於該行預期,主要受到本港及內地物業發展入賬較低所影響響,其每股去年派息按年升22%符合預期。 ----------------------------------- 下表列出6間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 高盛│買入│74元->72.4元 摩根大通│增持│66元 瑞信│跑贏大市│65->63.9元 美銀證券│買入│61元 摩根士丹利│增持│54->60元 瑞銀│中性│52元 券商│觀點 高盛│內地及香港物業銷售遜預期,派息增長超預期 摩根大通│派息增加有驚喜業務穩健,出售項目有利驅動盈利 瑞信│全年業績增長符預期,派息增長超預期 摩根士丹利│派息增長超預期,出售資產獲利具充裕現金流 美銀證券│派息增加有驚喜 瑞銀│出售英國項目增現金流,派息增長超預期
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