大和:削长基(1038.HK)目标价至48港元 指调整后股息率极具吸引力
大和发表研究报告称,长江基建(1038.HK)3月至今股价已累跌33%,主要是由于基金赎回导致市场流动性收紧。尽管长建自1996年上市以来,23年每股派息都持续上升,惟近期英镑及澳元兑港元贬值10-17%均促使市场对公司恐慌性抛售,并令长建现时股息率变得非常吸引,其股息率达7.1厘,跑赢本港其他公用股,因此重申其“买入”评级,惟大削目标价31.4%,由70港元下调至48港元。
该行指,长建已重申长期仍会维持派息政策增长。尽管英国及澳洲监管环境艰难,令英国水务公司Northumbrian Water的资产回报重置交易变得更具挑战性,但大和认为,公司拥有85亿港元经营现金流,将有能力可维持派息。
大和又指,长建亦预期会进一步将净负债率下降至14%,以准备在疫情过后寻找收购机会。但由于英镑贬值对长建盈利构成负面影响,因此下调长建2020-21年每股盈利预测8%。

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