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《大行報告》里昂上調長和(00001.HK)目標價至65元 評級「買入」
里昂日前發表研究報告指,長和(00001.HK)去年下半年經調整經常性利潤,與上半年相比增加1%至129億元,原因是貨幣逆風抵銷了基礎復甦。全年股息較預期高出7%。基於最新的外匯預測和較低的港口吞吐量預測,該行將2023和24財年的盈利預測分別下調1%。然而,基於長建(01038.HK)的市場估值,將集團目標價由61元上調至65元,維持「買入」評級,認為股票回購是催化劑,淡馬錫全資控制的PSA潛在出售其在和記黃埔港口的股份,亦為長實的港口業務的資產淨值提供進一步上行空間。 該行輕微下調集團2023及24財年的經常性利潤預測1%,調低港口業務的吞吐量預測和基礎設施的盈利假設。然而,這部分被歐洲3集團更高的平均每月每戶收益(ARPU)預測,以及其在包括內地的亞洲健康和美容業務的更高收入假設所抵銷。
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