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《大行報告》大摩削粵投(00270.HK)目標價至8.18元 潛在上調水費
摩根士丹利發表報告,指粵投(00270.HK)受惠潛在上調水費,水業務維持屬主要盈利引擎(貢獻逾55%盈利)及現金牛,今年末季將公布水價上限調整結果,該行料每年增幅與2021至2023年間的約1.33%相若。此外,受惠其他水業務的持續投資(供水及廢水管理),粵投今年上半年稅前純利按年升3.5%至12億元,來自整體水業務的稅前純利貢獻佔比達34.3%。 該行認為,市場對粵投房地產業務的憂慮已反映於股價;其他業務(百貨及酒店)正逐步復甦;今年上半年發電業務亦扭虧為盈。該行料該等業務將持續復甦。 考慮附屬粵海置地(00124.HK)收入減少,大摩削粵投今明兩年盈測分別17.8%及23.9%。維持予粵投「增持」評級,因估值吸引,現價計預測股息率達10.3%,以及潛在上調水費。目標價則削37.9%,由13.04元降至8.18元。 該行料粵投今年每股派息輕微增長,料今年全年派62.5仙,去年全年派61.33仙,維持96.8%派息比率。
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