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一文綜合大行於長和(00001.HK)公佈去年業績後最新目標價及觀點
長和(00001.HK)公佈去年業績後,今早股價偏好,最新報48.65元升1.6%。美銀證券表示,維持對長和「買入」評級及目標價60元。該行相信投資者歡迎去年派息一成增長,但長和未承諾在盈利減少下穩定派息,並且一次性收益佔去年盈利26%。該行指縱使長和指出業務未來迎來挑戰,尤其工資及能源成本通脹,但集團在仍處於有利位置,基於其出售歐洲電訊鐵塔後降低槓桿。而集團亦重申有意整合歐洲電訊營運及輕資產策略,或導致釋放價值動力,惟監管審批仍屬未知數。 長和昨收市後公佈去年業績,按國際財務報告準則(IFRS)16後基準計算,收益總額按年升2.7%至4,572億元,純利按年升9.5%至367億元。每股呈報盈利9.57元,每股末期息每股2.086元,較2021年派1.86元增加逾12%。連同中期息每股0.84元,全年共派每股2.926元,按年升10%。 公司去年EBITDA按年升4.8%至1,421億元,EBIT總額按年升13.7%至783億元。期內業績包括完成出售英國發射塔資產權益所得收益158億元,以及於上半年完成合並印尼電訊業務收益淨額61億元,部分被意大利及斯里蘭卡電訊業務非現金商譽減值共120億元抵銷。按業務劃分,港口及相關服務部門去年收益按年升4%,零售部門去年收益按年跌2%。長和自2021年起動用出售發射塔部分所得款項約14億元於市場回購股份,集團預期當市況許可時,股份回購將在2023年適時持續進行。 【去年每股派息增一成 關注英電訊合併機會】 摩根大通表示,長和去年核心盈利表現反映歐洲電訊業務逆境及外匯兌換的負面影響,但相信股份回購的潛在可能性增加、沃達豐與3英國尋求合併消息,可爲股價主要推動力。該行認爲,長和自由現金流率達10%,相信估值被市場顯着低估,維持對其「增持」評級,目標價由84元降至69元。花旗亦下調長和目標價由76.5元降至74.5元,維持「買入」評級,反映3歐洲在當地面對的激烈競爭,但認爲目前股價較每股資產淨值折讓達60%,估值並不昂貴。 瑞銀指,長和繼續以推動電訊業務整合爲主要估值推動力,並引述管理層指3英國與沃達豐合併討論處最後階段,並繼續尋求在北歐探討業務合併機會。其他策略焦點包括擴大零售網絡、基建項目、債務償還及股份回購。該行認爲長和股價爲資產淨值折讓57%,維持對長和「買入」評級及目標價68元。 ------------------------------------------- 本網最新綜合4間券商對其投資評級及目標價: 券商│投資評級│目標價 花旗│買入│76.5元->74.5元 摩根大通│增持│84元->69元 瑞銀│買入│68元 美銀證券│買入│60元 券商│觀點 花旗│去年業績穩固,維持「買入」評級 摩根大通│潛在股份回購及英國電訊業務潛在合併爲股價催化劑 瑞銀│去年業績勝預期,英國電訊業務潛在合併或可成短期催化劑 美銀證券│去年每股派息增10%,仍處釋放價值情況
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