《大行》匯豐研究升周大福創建(00659.HK)目標價至9.2元 股息率約9%較同業吸引
匯豐研究發表報告指,周大福創建(00659.HK)股息政策具持續性與漸進性,受現有業務穩定的現金流支持。淨負債比率爲35%,財務狀況健康,即使永續債券再融資可能略增負債,但仍低於40%至45%的目標。該股提供約9%股息率,2026年預估爲8.8%,相較香港上市同業約5%至6%更具吸引力。
該行預期,公司若有重大資產出售,如收費公路或非核心資產,可能派發特別股息。維持「買入」評級,目標價從9港元上調至9.2港元,基於穩健的股息支持及業務前景。資產組合重整及高股息收益率爲主要吸引力。
該行料,周大福創建下半年可歸屬營運利潤增長預計放緩至1%,低於上半年增長4%,主要由於保險業務復甦正常化,收費公路受交通流量疲軟影響,物流業務則因貿易政策不確定性及內地倉庫競爭加劇,可歸屬營運利潤可能小幅下降。資產出售可能縮窄淨資產值折扣,成爲正面催化劑。
未來資本支出方面,該行引述周大福創建管理層指引,預計2028年前每年將投入4億至5億元人民幣用於道路擴建,以及經常性資本支出2億至3億港元。公司擬將收購目標聚焦保險相關行業,交易規模不超過10億港元。
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