《大行報告》瑞信上調長建(01038.HK)目標價至59元 評級「跑贏大市」
瑞信日前(9月27日)發表研究報告指,長江基建(01038.HK)的股價自8月中旬以來已下跌18%,可能是受到美元走強導致英鎊和澳元走軟,以及美國加息所影響。
該行估計,集團2022財年對英國和澳大利亞的盈利敞口分別為52%和26%,其中大部分是營運穩定的受監管資產。儘管近期貨幣走勢對盈利產生影響,但集團已對其資產負債表進行對沖,因此料資產淨值的影響有限。
該行認為,債券收益率上升仍然是近期的擔憂。 經過最近的調整,集團的股息收益率已提高至6.1%。而該行預測12個月的美國基準收益率為3.5%。該行又提到,由於通脹較高,集團於英國的資產將受惠於監管的資產基礎向上調整,將其2022至24財年的每股盈測上調4至6%,目標價由58元上調至59元,維持「跑贏大市」評級。
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