一文了解大行於長和(00001.HK)公布業績後最新目標價及觀點
長和(00001.HK)早市股價上升2.6%,里昂發表告表示,長和去年下半年純利按半年升38%至166億元,高於該行原預期14%,相信資本重組可增強資產負債表,可成催化劑,維持對其「買入」投資評級, 上調對其目標價由67元升至75元。
長和昨日(17日)收市後公布去年業績,按IFRS(國際財務報告準則)16後基準收益總額4,453.83億元,按年升10.3%。純利334.84億元按年升14.9%,符合本網綜合5間券商介乎310.12億至346.5億元的預測。公司去年EBITDA錄1,356.53億元按年增長10.9%,每股盈利8.7元。派末期息1.86元,總計全年股息每股2.66元。撇除兩個年度之一次性影響,集團於去年之普通股股東應佔基本溢利按年增加30%。
按業務劃分,去年港口及相關服務部門收益422.85億元,EBITDA為151.57億元,分別按年增加29%及39%。零售業務方面,收益總額及EBITDA分別為1,736億及160.34億元,按年增長9%及11%。集團主席李澤鉅指,集團務求達致經常性盈利增長,並將專注於提高股東回報,同時維持穩健之財務狀況。
【去年績符預期 聚焦資本重組】
瑞銀表示,長和去年純利上升基本由港口及零售業務,以及Cenovus能源扭虧為盈推動,公司去年股息相當於31%派息比率,全年股息率4.8厘。淨負債權益比率按年跌3個百分點至26%,反映出售電訊鐵塔業務的收益。在未來完成英國出售資產計劃後,負債率應可在年底降至兩成,持續的基本業務復甦及股份回購,應能推動資產淨值折讓減少,該比率目前為51%,較長期平均低1.5個標準差。該行下調對長和目標價,由71.1元降至67.5元,維持「買入」評級。
野村指長和去年盈利符合市場預期,扣除一次性項目的盈利按年升三成,確認2020年以來的業務復甦。大部分業務經已復甦,零售及港口業務增長較強勁,能源部門亦回復盈利,足以抵銷電訊部門盈利減少。全年派息比率30%亦符合預期。淨債務與淨總資產比降至20%,受惠於出售歐洲電訊鐵塔資產。該行表示長和未來而言,資產配置將為重點,包括進一步股份回購。該行相信長和將繼續其財政紀律,該行維持對長和「買入」評級及71.2元目標價。
摩根大通重申長和「增持」評級及目標價84元。該行指長和去年實際盈利符預期,但歐洲電訊營運疲弱,但被電訊鐵塔出售收益所掩蓋。該行相信推動長和股價的動力,來自2022年第二季至第三季出售英國鐵塔資產後可能進一步股份回購‧,其他非核心資產出售,及公司持有Cenovus能源15.8%權益估值達370億元。該行擔心長和歐洲電訊營運的長期競爭力,但相信短期催化劑可支持未來一年「增持」的投資評級。
-------------------------------
本網最新綜合5間券商對長和最新投資評級及目標價:
券商│投資評級│目標價
摩根大通│增持│84元
花旗│買入│84元
里昂│買入│67元->75元
野村│買入│71.2元
瑞銀│買入│71.1元->67.5元
券商│觀點
摩根大通│短期具股價催化劑,但長期憂慮仍存
花旗│去年業績符預期,派息較高
里昂│去年業績勝該行預期
野村│去年業績確認潛在復甦
瑞銀│對電訊整合看法更正面
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.