《大行报告》花旗上调长建(01038.HK)目标价至51元 评级「买入」
花旗发表研究报告指,长建(01038.HK)去年纯利跌30%至73.2亿元,逊预期12%,主因英国递延税亏损、英国铁路和澳洲能源业务计入较高的摊销数字、疫情影响。剔除疫情和非现金项目影响,纯利跌7%,若进一步剔除汇率影响,纯利跌幅少於5%。派息比率增25.9个百分点至84.9%。
该行指,公司派息自1996年上市以来每年均有提升,管理层亦希望保持有关传统。剔除一次性项目,派息比率为75%,未来亦有提升空间。若英国税率於2023年4月1日起由19%升至25%,公司将录42亿元之递延税务亏损,相等於今年预期盈利的51%,不过属非现金项目,故不影响派息。
该行又指,公司纯利有39%来自英国,26%来自澳洲,20%来自其他欧洲地区,去年英镑、澳元及欧元分别兑港元分别升值8.3%、12.1%及3.8%。重申长建「买入」评级,受惠外币升值,目标价升4%至51元。
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