《大行報告》匯豐研究微降越秀交通基建(01052.HK)目標價至5元 資產注入可能是下一個催化劑
匯豐環球研究發表報告指,越秀交通基建(01052.HK)去年收入按年增21%至39.67億元人民幣;除稅後淨利潤升69%至7.65億元人民幣。該行相信,公司盈利低於預期是由於聯營公司減值損失1億元人民幣。公司去年的派息率為60%,並將長期維持50至60%的穩定派息比率。
該行表示,集團的廣州北二環高速(GNSR)為2023財年貢獻路費收入約29%,而其擴寬工程將於今年6月全面啟動,施工期間將至少有4至6條車道繼續營運。管理層認為,GNSR擴寬和道路改道的負面影響應該有限,並預計2024財年路費收入將按年大致持平。此外,母公司在過去三年收購了兩條成熟的高速公路資產,並可能作為集團於今明兩年期間的資產注入。公司亦正在考慮向CREIT平台進一步注入資產,以提前確認目標資產的未來收入,有助公司降低資產負債比率。
匯豐環球研分別下調越秀交通基建今明兩年的盈測18%和13%,以反映較預期高的營運和折舊支出,又將目標價由5.1元下調至5元,維持「買入」評級。該行對集團的派息比率預測由54%升至55%,又相信隨著車流量恢復及母公司潛在的資產注入,公司路費收入將穩定增長,成為下一個催化劑。
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