《大行報告》摩通:關注新世界(00017.HK)高派息比率可持續性 評級「減持」
摩根大通發表報告指,為保持穩定的派息,新世界(00017.HK)已在連續三個財年,將其派息比率上升至逾100%,並來自於負債率上升和非核心資產處置的支持,令該行關注其高派息比率的可持續性。即使現時負債率升至72%,可支持股息流,但融資成本不斷增加,正侵蝕其基本盈利。
在非核心資產出售方面,該行認為,最好的情況是跟隨在短期內,美國加息上升走勢見頂,新世界亦能出售自己的非核心資產;以市盈率計,新世界較新地(00016.HK)及長實集團(01113.HK)存分別41%及57%估值溢價,該行將新世界目標價維持為29.4元,以及其評級為「減持」。
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