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《大行報告》匯豐研究降粵投(00270.HK)目標價至5.4元 股息分派或縮減
阿思達克 01-31 10:17
匯豐研究發表報告指,粵海投資(00270.HK)最近的盈警意味著2023年第四季將出現虧損,預計主要是受房地產開發業務影響。雖然水務和租賃等核心業務有穩定的現金流,但在整體盈利「縮水」的情況下,股息分配可能會縮減。經風險調整後估值合理,維持「持有」評級,目標價由5.8元下調至5.4元。 匯豐研究目前假設粵投2023至2025年各年每股派息按年分別降25%、升18%及升10%,意味著預測2024年股息率為10.7%。與同行和當前的收益率環境相比,尤其是考慮到房地產業務的下行風險,該公司的估值尚算合理。
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