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大行評級|傑富瑞:微降長實目標價至34港元 預計上半年及全年基本溢利將跌近兩成
格隆匯 07-12 10:48

傑富瑞發表研報,預期長實集團預期只有共約71億港元的中國香港、中國內地及海外物業發展預售額會於2024年度入賬,當中由於屯門飛揚第1期竣工以及中國內地銷售持續放緩,預計有大部分可能會在上半年反映,因此相信市場預期的154億港元發展項目收入較難達成。目前富瑞預測2024年長實發展物業收入僅97億港元,隨着油塘親海駅及黃竹坑Blue Coast銷售額入賬,相信2025至2026年物業發展收入將有所改善。但該行提到,由於發展商為新盤提供較大折扣優惠,預期2025至2026年的物業發展利潤率將因此受到影響。

此外,長實、長建及電能今年4月宣佈收購北愛爾蘭配氣網路公司Phoenix Energy全部股權,該行將此交易納入估值模型當中。整體而言,該行目前預測長實2024年上半年及全年基本溢利將分別按年跌18%及19%,達到63億及119億港元,較市場預期分別低出13%及21% 。該行將長實目標價由35港元微降至34港元,評級為“持有”。

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