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《大行報告》瑞信:長實(01113.HK)資產負債表強可支持估值 維持「跑贏大市」評級
阿思達克 03-20 10:45
瑞信發表報告指,長實(01113.HK)2019財年的基礎盈利按年增長19%至287億元,符合市場預期,但卻較該行預期低出4%,公司去年每股派息增加10.5%至2.1元,相當於具吸引力的6.15%收益率。

該行指,長實去年經常性業務的經營利潤按年增長4.6%至152億元,管理層指疫情對飛機租賃、酒店等業務的影響適度。截至2019年底,集團未確認銷售額為293億元,較2018年的631億元減少,意味2020財年的入帳將會減少。

瑞信稱,將對長實資產淨值的估算下調9%,反映物業銷售放慢、租金下調5%等,並將對其其2020及2021財年盈利預測分別下調9%及7%,各至6.39及6.24元,維持其「跑贏大市」投資評級,相信強勁資產負債表可為估值帶來支持,目標價由原來的69.4元下調至51.9元,相當較每股資產淨值折讓55%(此前折讓45%)。

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