《大行報告》摩通:長實(01113.HK)購Civitas Social Housing PLC交易正面 投資一如以往具紀律
摩根大通發表報告,指長實集團(01113.HK)具嚴格的財務紀律,惟由於缺乏催化劑,該股本年至今股價跑輸,然而,隨著住宅市場情緒降溫,該行認為集團的防守性愈來愈重要,維持「增持」評級,目標價63元。
該行表示,集團以每股80便士的價格收購Civitas Social Housing,較後者上日收市價具溢價44.4%,共涉4.85億英鎊。該行指,這對集團來說不是一項重大交易,因為它僅佔其市值的2.9%。然而,該行認為交易屬正面,因為它表明了公司嚴格的投資回報要求,投資一如以往具紀律。
該行指,基於估值差異,認為未來12個月內潛在投資機會更有可能是房地產,而不是與基礎設施相關的,相信集團亦將專注於香港和內地的土儲補充機會。另外,由於集團擁有139億元的經常性盈利,遠高於其82億元的股息水平以及126億元的淨現金,該行預計集團將維持其每股派息。
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