太古A(00019.HK) 将于3月中旬公布去年业绩，汇丰环球研究发表报告，即使太古去年下半年许多业务呈改善迹象，料其去年纯利温和倒退2%，料符预期，因航空业务改善被较差的地产业务所抵销。报告料投资者关心改善股东回报的举措，如潜在更新回购计划(现回购计划将于5月届满)。维持“买入”评级，上调2024至2026年盈测介乎0.2%至4.8%，目标价由74.9元微降至74.3元。
该股指，现估值相当于预测每股资产净值(NAV)折让39%，倘有进一步精简业务线及新一轮回购，该行料将有助收窄综合企业估值折让。
考虑现金流改善及整体业务强劲，该行料太古将增加2024年度派息，将属连续第四年增派息。在三大板块中，航空分部应录最大程度改善。本地办公室租金仍面对下行压力，但内地商场末季呈改善迹象。而饮料业务向东南亚的战略扩张正如期推进。(da/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-24 12:25。)
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