《大行報告》花旗下調粵投(00270.HK)目標價至8元 評級「買入」
花旗發表研究報告指,粵海投資(00270.HK)股價年初至今累跌 33%,為香港公用股中跌幅最大,相信主要是由於內房敞口的影響,其房地產業務利潤貢獻由2021年的36%縮減至今年上半年的13%,而水務業務貢獻則由61%上升至80%。
考慮到房地產和發電業務的貢獻減少,花旗將粵投2022至2024年淨利潤預測下調12%至14%,目標價由12.5元下調至8元,以反映房地產業務利潤貢獻下降、更高的折現率及對每股資產淨值更大的折讓。
該行又指,預期中國今年下半年至明年將逐步放寬防疫封控措施,相信粵投的百貨公司、酒店和收費公路業務營運有復甦空間,予以「買入」評級,又指房地產相關風險似乎已充分反映,以現價水平計具有吸引力。
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