《大行報告》美銀證券:長實(01113.HK)中期業績及派息均勝預期 評級「買入」
美銀證券發表研究報告指,長實集團(01113.HK)中期業績及派息均勝預期,經常性業務EBIT貢獻佔比提升至50%,顯示出公司在宏觀不確定性中業務仍具韌性。該行憧憬長實旗下酒館業務可受惠於即將舉行的世界盃2022,為下半年酒館業務盈利帶來一定支持,維持予長實「買入」評級。
香港發展物業方面,期內錄得主要來自將軍澳日出康城Sea to Sky及半山區波老道項目的入賬,令利潤率增長至勝預期的42.5%,抵銷了內地發展物業利潤率轉弱。公司現有訂單涉139億元,預期當中有56億元將在下半年確認入賬,因此預期物業發展利潤貢獻可能會於今年下半年至明年下跌。
美銀指,長實上半年租金收入符預期,利潤率略低,但與同行相比仍處於健康水平。另外管理層預計中環寫字樓的需求將好過其他分散區域,有計劃今年開始為長江中心二期招預租。
剔除投資物業及REITs的重估損失,美銀估計長實上半年核心利潤為146億元,比該行預期高15%,予目標價64元,較每股資產淨值(NAV)預測折讓42%。
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