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《大行》華泰證券首次覆蓋長江基建(01038.HK) 予目標價64.73元 評級「買入」
華泰證券研究報告指,長江基建(01038.HK)是全球大型環球基建集團之一,投資於世界各地的能源、基建及公用事業相關業務,受管制資產貢獻核心盈利,業務模式具有較強抗風險能力。此外,長江基建2024年重啓併購,未來業務版圖有望進一步拓展,該行認爲其現金流充裕,歷史每股股息逐年增長,2024年股息率4.5%。華泰證券首次覆蓋長江基建,給予目標價64.73港元(基於2025預測市賬率(PB)1.32倍),予以「買入」評級。 該行指, 截至2024年末,公司業務遍佈全球多個地區;投資模式多爲非控股權益收購,資產不入表,作爲合聯營公司;主要投資於受管制或簽署長期合約的穩定型資產。該行指,當前全球地緣關係多變,長江基建業務模式抗風險能力強,且旗下多個於2020及2021年低利率時期進入上一監管期的資產將於2025及2026年迎來新監管期,回報率有望提升。華泰指,2024年公司重啓併購,4月及8月收購北愛爾蘭配氣商Phoenix Energy及英國風電場UK Renewables Energy,5月收購英國可再生能源資產UU Solar,新增利潤貢獻。華泰認爲公司未來業務版圖或有望進一步拓展,帶來利潤端的成長性。 華泰預計,長江基建2025至2027年歸母淨利分別爲83.4億、86.6億、89.7億港元,對應2025年每股盈餘(EPS)和每股淨資產(BPS)分別爲3.31港元、48.86港元。華泰證券參考歷史3年PB均值0.96倍,考慮公司業務模式具有強抗風險能力,多個資產將於2025及2026年迎來回報率上調窗口期;以及長江基建重啓收購或帶來新增利潤貢獻;3上市以來每股股息逐年增長。
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