《大行報告》高盛降長實集團(01113.HK)目標價至49元 減派息負面
高盛發表報告指,長實集團(01113.HK)2023年業績表現的焦點落於集團每股派息出乎預期削減。雖然公司2023年上半年每股派息按年持平,不過同年下半年的每股派息則被削減,全年計每股派息下調約10%。該行指,股息削減可能表明集團管理層,對香港及內地的房地產前景感到更加悲觀。
高盛提起長實集團曾於2020財年削減每股派息約14%。原因是當時集團管理層預計新冠疫情產生更長期、更嚴重的負面影響。該行指集團2023年的負債比率雖然保持在約3%的低水平,不過公司派息仍然被削減。
計及去年業績,該行將長實2024至2026年各年每股盈測分別降1%、2%及9%,並降2024至2026年各年每股派息預測介乎12%至16%,料至2026年每股總派息將持平於2.05元,意味期內派息比率約46%(過去五年平均爲41%)。高盛將長實集團的目標價由53元下調至49元,維持「買入」評級。
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