《大行報告》野村下調長和(00001.HK)目標價至66.7元 評級「買入」
野村發表研究報告指,長和(00001.HK)上半年盈利持續穩定復甦,淨利潤按年增長逾4%至191億元,中期息增幅與每股盈利增幅一致。
截至6月底,公司淨債務佔淨總資本的比率維持在20.5%健康水平,預期8月完成英國發射塔交易後比率將進一步降至17.5%。野村指出,上半年盈利增長主要由港口及能源業務推動,足以抵銷電訊及零售業較低的利潤貢獻以及不利的外匯走勢。
展望未來,該行認為資本配置可能是公司發展重點,憧憬潛在的進一步股票回購,認為長和將繼續維持健康的資產負債表,同時在合適時為潛在收購準備資金。
野村預期長和整體盈利前景穩定,零售及港口業務持續增長,而電訊業務盈利能力可能面臨挑戰,今年每股盈測上調6%,但將明年盈測下調10%,以反映電訊及零售業務利潤貢獻可能下滑,維持「買入」評級,目標價由71.2元降至66.7元。
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