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野村:削长建(1038.HK)目标价至52.3港元 料派息前景维持稳定
格隆汇 08-06 13:00

野村发表研究报告指,长江基建集团(1038.HK)今年上半年纯利按年跌52%,主要由于英国业务之递延税项负债需重新计算,以及没有一次性的收益。撇除相关因素,集团利润将按年下跌19%,主要来自新型冠状病毒肺炎疫情的影响。不过,野村下调长建目标价24%,由原来的68.8港元降至52.3港元,评级维持买入。

野村表示,尽管盈利受压和前景不确定,管理层仍对其现金流和资产负债表充满信心。该行预计,集团将会继续努力维持资产负债表,为可能会出现的潜在资产出售作准备,同时亦会保持稳定的股息前景。虽然存在监管方面的不确定性,或会限制近期的估值,但长建对于寻求股息收益率和长期增长潜力的投资者而言,相对具有吸引力。

该行又指,长建有90%的基础利润均非美元计价,因此最近的美元疲软亦可能推动下半年有增长潜力。由于利率下行,加上监管机构立场强硬,其他资产未来将面临收益降低的隐患。该行将集团2020年的盈利预测下调27%,明年的盈利预测亦下调13%,以反映今年上半年的一次性项目,以及英国和澳洲业务收益较低。

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