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花旗:下调长建(1038.HK)目标价至54.5港元 因英国税率调整
格隆汇 05-07 10:47

长江基建集团(1038.HK)公告,英国政府建议自今年4月起适用的企业税税率将维持在19%,而非先前所颁布低降低至17%。倘已颁布或实质上颁布税率及税法,相关公司的递延税项余额需按预期适用的税率重新计算,长建预计于6月止六个月财务报表中摊佔联营及合营业绩录得14亿元之一次性不利影响。花旗发表报告表示,因应长江基建最新公告,决定下调对其今年纯利预测14.7亿港元或14.9%,至84.14亿港元(按年跌19.9%),并微降其明年纯利预测1%至91.89亿港元。

该行表示,重申对长江基建买入投资评级,将目标价由55港元降至54.5港元,此综合方式作估值,指其今年股息回报预测仍达5.4厘属吸引,较十年期美国国债孳息率0.66厘高出4.7个百分点,并指喜爱长建多于电能(0006.HK),因长建预测今年市盈率仅13.8倍,对比电能为18.4倍。

花旗认为,长江基建自1996年上市以来,每股派息保持23年的持续上升,相信公司今明两年纯利面临削减,但仍有能力保持派息上升。该行料长建于2020年至2022年每股盈利预测各3.34元、3.65元及3.54港元,料其2020年至2022年每股派息预测分别为2.49元、2.54元及2.69港元。

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