大行評級|招銀國際:上調中國宏橋目標價至20.6港元 上調2025至26年盈利預測
招銀國際發表報吿指,中國宏橋去年淨利潤為223億元,按年增長95%,與去年12月預估的95%利潤增長一致。扣除可轉換債券(CB)的公允價值損失,去年核心淨利潤將達到245億元,按年增長114%。宏橋宣佈派發每股1.02港元的末期息,加上每股0.59港元的中期股息,全年派息率達到63%,該行認為這對投資人來説是驚喜。該行將2025至2026年盈利預測分別上調26%和25%,主要由於鋁價假設上調同時煤價假設下調。該行預計,鋁價每上升1%,宏橋盈利將增加3%,而煤炭價格每下降1%,盈利將增加0.5%。當前股價對應了約11%的股息率,相當具吸引力。該行將其目標價從19.6港元上調至20.6港元,維持“買入”評級。
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