《大行》高盛略降太古(00019.HK)目標價至90元 續予「買入」評級
高盛發表報告,指太古(00019.HK)上半年淨利潤8.15億元,實際淨利潤按年跌1%至47億元,符合該行預期,亦為該行全年預測的49%。反映向股東交出可持續穩定回報的承諾,公司上調每股中期息至1.3元,為扣除國泰(00293.HK)後每股經常性利潤49%,配合五至六成派息比率目標,該經常性利潤計入國泰的派息。
報告指,管理層在業績會議上對業務展望審慎樂觀,預期多個宏觀不利因素持續,但承諾執行長期策略及繼續在香港及大灣區尋找投資機會。考慮該行對太古地產及其他業務的最新預測,調整對太古今年至2027年每股盈利預測,由下修9%至上修3%不等,太古A目標價由91.6元降至90元,續予「買入」評級。
該行指出,太古股價過去一季淨資產值折讓已由約20%擴至33%,大致與歷史平均25%至30%相符。該行認為該股提供區內物業、消費相關及航空業務的平衡風險敞口,4倍市賬率、10倍預測今年市盈率及5.2厘股息率的估值並不昂貴。
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