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《大行報告》摩通降長實集團(01113.HK)評級至「中性」 目標價下調至34.5元
摩根大通下調對長實集團(01113.HK)目標價,由45元降至34.5元,為歷史平均淨資產折讓低1.5個標準差,投資評級由「增持」下調至「中性」。 該行指,縱使長實集團早前派息指引為穩定,但公司削減全年派息10%,為負面意外。該行認為問題不在於削減派息本身,而是不符合派息指引,損害投資者對未來派息能見度的信心,這亦是投資者持有該股的主要原因。 該行認為長實集團短期欠缺催化劑。即使對本港住宅市場持正面看法的投資者,長實集團或許亦不再是首選,因新地(00016.HK)及恆地(00012.HK)有更多新盤供應。此外,長實集團經常性收入或持續面臨逆風,有可能被剔除於富時EPRA指數亦為另一大風險。
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