粤海投资(0270.HK)：实物分派剥离粤海置地价值重估可预期

国泰君安12-11

本报告导读：粤海投资拟以实物分派的方式宣派特别股息，剥离粤海置地，超出市场预期。剥离地产业务，卸下包袱，聚焦水务主业。压制公司估值的因素消除，价值重估可预期。投资要点：事件：粤海投资拟以实物分派粤海置地股份的方式宣派特别股息。点评：维持“增持”评级。我们维持对公司2024-2026 年的预测净利润分别为36.9、41.4、44.5 亿港元，对应EPS 分别为0.56、0.63、0.68 港元，维持...

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HK): Distribution in specie, divestiture, revaluation of Guangdong Land can be expected","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00124":1,"00270":1},"content_text":"本报告导读：粤海投资拟以实物分派的方式宣派特别股息，剥离粤海置地，超出市场预期。剥离地产业务，卸下包袱，聚焦水务主业。压制公司估值的因素消除，价值重估可预期。投资要点：事件：粤海投资拟以实物分派粤海置地股份的方式宣派特别股息。点评：维持“增持”评级。我们维持对公司2024-2026 年的预测净利润分别为36.9、41.4、44.5 亿港元，对应EPS 分别为0.56、0.63、0.68 港元，维持“增持”评级。粤海投资拟以实物分派的方式宣派特别股息，剥离粤海置地。1）粤海投资董事会建议以实物分派的方式支付特别股息，即向粤海投资股东按该等粤海投资股东每持有一股粤海投资股份获发0.193 股粤海置地股份的基准按比例分派由粤海投资直接持有的12.62 亿股粤海置地股份（占粤海置地已发行股本约73.72%）。2）粤海置地公告日联交所收市价0.43 港元。3）本建议分派完成后，粤海置地将不再为粤海投资的附属公司，粤海置地的财务业绩将不再并入粤海投资的财务报表，本次特别股息宣派超出市场预期。卸下包袱，聚焦水务主业。1）2023 年由于地产业务减值18.09 亿港元，公司归属净利润同比下滑35%至31.22 亿港元，业绩及分红大幅波动。市场持续担忧粤海置地未来减值的风险，公司估值受此压制。2）剥离地产业务，有利于公司集中力量开拓水资源核心业务，引导市场重新聚焦于公司水务资产的价值。3）2024H1 粤海投资和粤海置地资产负债率分别为57.61%、86.86%，剥离粤海置地，粤海投资的资产负债率将进一步降低，增强上市公司的融资功能。维持比例高分红，压制估值因素消除，价值重估可预期。2024H1 公司经营活动现金流入48.76 亿港元，资本开支4.45 亿港元。2024H1现金分红率65%，与2023 年持平。公司水务业务稳健，资产质量优异，地产业务剥离之后，压制估值因素消除，价值重估可预期。风险提示：分红低于预期、东江水项目续约低于预期等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2490854165"}

粤海投资(0270.HK)：实物分派剥离粤海置地 价值重估可预期

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粤海投资(0270.HK)：实物分派剥离粤海置地价值重估可预期