《大行報告》花旗降粵投(00270.HK)目標價至6.5元 反映房產業務
花旗發表報告指,供水業務佔粵海投資(00270.HK)首三季稅前盈利54%,廣東省政府與港府簽訂未來三年的供水協議,消除不明朗因素,2024至2026年基本水價分別為51.36億、52.59億及53.85億元,每年升幅約2.5%,略為高於該行預期。不過,該行將公司今年純利預測下調1.1%,2024及2025年分別下調11.2%及18.3%,主要反映物業銷售緩慢、來自地產發展項目的盈利減少。
報告指,公司去年派息比率高達84.2%,相信難以進一步提高,估計今明兩年盈利分別倒退6.1%及6.6%,派息比率分別降至81.2%及82.7%,目標價由7.5元下調至6.5元,維持評級「買入」,反映明年預測股息率10.2%。
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