大行評級|花旗:上調太古A目標價至85港元 維持“買入”評級
花旗發表報吿,指太古A管理層表示,倘集團負債比率由去年底的22.1%升至30%屬可接受,又清晰表明股份回購作為股東回報政策重要部分的益處,並稱獲授權回購總額相對集團資本開支承諾微小。該行預期太古將於5月的年度股東大會更新回購計劃,獲授權回購總額將維持60億港元,因集團今年將有約100億港元債券到期。
該行以23.5%資產淨值(NAV)折讓計算目標價,對比早前的16%,相等於歷史均值存0.5個標準差的溢價,以反映今年挑戰性業務環境,以及股東回購將欠缺增量驚喜。該行對集團每股資產淨值評估由94.34港元上調至110.83港元,以反映其上市分支最新市值,因而將太古目標價由79.25港元上調至85港元,維持“買入”評級。
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