《大行報告》瑞信:長實集團(01113.HK)上半年業績強勁 維持「跑贏大市」 評級
瑞信發表評級報告指,扣除已終止的飛機租賃業務,長實集團(01113.HK)上半年基本利潤按年增33%至102億元,佔該行全年預測的43%(上年同期為36%);該行指,上半年業績強勁,主要受到英式酒館業務轉好及公用事業營運表現具韌性等推動。截至今年6月底,集團中期每股派息按年增5%至0.43元,淨現金139億元。
該行表示,集團上半年實現合約銷量約60億元,由於未確認銷售額為139億元,該行預計下半年預訂收入達56億元;上半年酒館業務收入及營運利潤分別按年增190%及181%,該業務大致上已恢復至疫前水平。
該行指,管理層意識到加息和宏觀不確定性對香港房地產銷售有潛在不利影響,這或會對即將推出的新產品定價造成一定壓力;即使如此,從中期來看,管理層仍看好終端用戶住房需求,並提供具吸引力的價格,以有效地釋放被壓抑的需求。
該行表示,看好集團的經常性利潤不斷增加,其強勁現金狀況助集團採取更多具支持性的資本管理行動和較注重具回報的投資。該行維持其目標價為63.9元,以及其評級為「跑贏大市」。(ca/k)
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