《大行報告》瑞信下調長和(00001.HK)目標價至90元 評級維持「跑贏大市」
瑞信發表的研究報告指,長和(00001.HK)將於3月19日公布業績,該行估計去年下半年集團收入將跌5%至2,180億元,而可經常性溢利則會按年升1%至210億元。該行認為3歐洲將仍然是集團的增長引擎,而零售業務方面同店銷售增長亦有穩健增長,但估計收入將受中國及歐洲方面的匯率所拖累。在港口及基建業務方面該行料將有穩定表現,惟赫斯基能源將受60億元的減值虧損所拖累,相關影響部分被出售和黃醫藥所抵銷。
展望2020年該行估計新型冠狀病毒將影響中國首季的零售表現,料將呈負增長,而弱勢有機會持續至第二季。隨著病毒在海外擴散,料第二季將繼續影響零售及港口業務,此外油價向下亦會為赫斯基能源帶來虧損,但3歐洲及基建業務將維持彈性及具防守性,相信可為今年的盈利帶來支撐。
該行將公司2019/20年的預測下調6-13%,以及映近期業務發展及疫情的影響,目標價由131元降至90元,維持「跑贏大市」評級,認為其資產具防守性基礎而估值亦相對便宜。(el/a) ~
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