《大行報告》美銀證券升太古(00019.HK)評級至「買入」 大額回購收窄NAV折讓
美銀證券發表報告指,將太古A(00019.HK)評級由「中性」升至「買入」,目標價維持62元。該行稱,集團60億元股票回購計劃出乎預期,將成為收窄其資產淨值(NAV)及釋放價值的催化劑,加上其出售美國飲料業務後派發的特別股息,及2022年的40億元回購,將鞏固其與股東的關係。該行又認為,這個回購消息對子公司太古地產(1972.HK)來說略有利好,因為該公司現在更有可能遵循每年中單位數百分比增長的股息政策支持母公司回購。
該行相信,太古地產的股價有更大的估值上升空間,但在困難的環境下,穩定的回購可能為太古A股價提供更多支撐。該行提到,早前集團執行40億港元股票回購時,其股價跑贏恆指同期表現逾7%。
該行表示,太古A斥資60億元的回購,將令其負債率提高1.8個百分點,至16.1%但仍可控。鑑於利率上升,該行料回購對盈利有溫和加快作用。該行又認為其主要子公司太古地產的基本面將保持穩定。
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