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匯豐:升新創建(0659.HK)目標價至13.8港元 評級“買入”
格隆匯 03-03 16:46

匯豐發報告稱,將新創建集團(0659.HK)目標價由13.3港元上升3.8%至13.8港元,維持“買入”評級。

該行表示,新創建中期純利跌33%,剔除一次性項目,包括公允價值收益,設施管理虧損擴大導致核心利潤跌20%,表現落後該行預測,但中期每股派息0.29港元達到了指引。新創建重申可持續和進步的股息政策。來自道路的應占經營利潤(AOP)持平,這歸因於交通和通行費的增長收入。但內地政府宣佈在2020年2月17日起實施免收通行費最新政策,這將持續到6月底,對新創建收費公路存在不利影響,但新創建預計政府將宣佈收費道路補貼政策,以彌補此期間的收入不足。

另外,去年11月1日完成對富通保險的收購,與新世界(0017.HK)內部實現了協同效應,截至2020年12月的兩個月新業務價值(VONB)升21%。新創建稱,截至2020年2月,公司增加了分銷渠道,保費增長仍保持在預定目標內。設施管理業務的經營虧損擴大,由於會展中心(HKCEC)的活動下降,加上內地遊客減少,免税店業務損失擴大。新創建繼續採取的進一步降低成本的措施,例如租金優惠,以適應具有挑戰性的環境並減少損失。

該行表示,當前的不利因素是暫時的,對新創建的長期戰略影響有限,而當前估值(處於低谷)看起來很有吸引力,股息收益率為6%。

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