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《大行報告》花旗上調長建(01038.HK)目標價至57元 評級「買入」
花旗發表評級報告指,預計長建(01038.HK)今年純利增長11.9%,包括有9億元收益來自於美國私募基金KKR將於下半年以8.67億英鎊,入股英國食水及污水處理公司Northumbrian Water項目25%股權;該行將集團在2023年至24年純利預測上調0.9%至2.2%,以反映集團更多增長。 該行表示,集團中期每股派息為0.7元,按年增1.4%,派息率為40%,按年跌17.5個百分點,上半年營運現金流量(Funds from operations)為42億元,與去年同期的43.6億元相差不遠;即使營運現金流量下跌逾25%至84億元,但股息應可持續,而其中大部分受監管的公用事業資產於2020至22年期間已完成回報重置;集團上半年的淨債務權益比率的透明度並不高,跌了2個百分點至49%,該行認為其併購的財務狀況良好,有能力捕捉併購機會。 該行將其目標價由55.5元上調至57元,重申評級為「買入」。(ca/k) ~
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