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《大行報告》瑞信:長和(00001.HK)中期業績符預期 評級「跑贏大市」
阿思達克 08-05 14:13
瑞信發表研究報告指出,長和(00001.HK)上半年業績符合預期,期內純利190億元,按年增長4%,收益升8%至2,300億元,中期派息比率大致保持17%。 當中,瑞信指長和上半年港口業務EBIT升27%,主要由於港口堵塞及具韌性吞吐量而推動更高的儲存收入;和電亞洲由於與印尼電訊業務合併,擴大客戶群並錄得一次性收益,令和電亞洲表現強勁;零售業務EBIT按年減少12%,主要受累於內地部分城市因疫情「封城」影響,而歐洲則出現強勁復甦;歐洲3集團由於意大利市場疲弱,以及基於網絡擴張而令折舊攤銷更高;基建業務則保持穩定。 該行認為,長和業績展現其在宏觀不利因素中的韌性。展望下半年,預期公司港口業務仍保持韌性,但存儲收入有所放緩。在中國重新開放及消費逐漸恢復的情況下,零售業務亦可能出現連續性的復甦,惟有機會被歐洲開支疲弱所部分抵銷。維持對長和目標價71元及「跑贏大市」評級。
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