《大行報告》匯豐研究:東方海外(00316.HK)業績弱未反映估值上 重申「減持」評級
匯豐環球研究發表報告指,東方海外(00316.HK)今年中期息稅前利潤按年跌85%至8.34億美元,略勝於該行預期的89%,惟大幅低於市場預期,僅達全年預期的34%。該行預計公司未來盈利將減弱,但這並未反映在仍然樂觀的市場估值上,重申對其「減持」評級。
該行認為市場對東方海外估值錯誤定價,認為其估值溢價有可能回落,指時候回到現實,稱其當前估值為未來12個月市賬率0.77倍,與2017至2018年該行業走出歷史低谷時的情況相當,鑑於該行認為行業正處於另一個階段的開始,料其目前估值似乎過於樂觀,因經濟持續低迷,前景面臨挑戰。該行認為,東方海外於上行週期期間流動性改善、稅收優惠和股息可見性改善帶來的一些溢價應該會在經濟低迷期間逐漸消退,料此或使東方海外的估值至少回到市賬率0.65倍的歷史平均水平。
匯豐環球研究指,東方海外每股中期派息86美仙,其派息率達50%。該行表示,該行將其目標價由90元上調至95元。
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