《大行報告》瑞銀下調長和(00001.HK)目標價至67.5元 評級「買入」
瑞銀髮表研究報告指出,長和(00001.HK)去年純利按年增長16%至335億元,符合市場預期,主要受港口、零售和Cenovus Energy的積極貢獻。每股股息2.66元,派息率約31%,按年持平,相當於全年股息收益率4.8%。淨資產負債率由2020年的29%,降至2021年底的約26%,反映出售電訊鐵塔的現金收益。
該行指出,長和管理層預期今年所有部門將平衡增長。具體而言,公司預計英國電訊業務更好,來自意大利的業績表現穩定,以及較低的資本支出。零售業務應從中國的疫情中復甦,而歐洲市場亦持續復甦。在資本配置方面,管理層對潛在的英國市場電訊整合表示更積極。公司今年將繼續進行股票回購。
瑞銀將長和今明兩年每股盈利預測分別上調1%及下調1%,目標價由71.1元下調至67.5元,評級「買入」。
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