金吾财讯 | 星展研报指出，长实集团(01113)拥有高度多元化的经常性收益来源，收入涵盖酒吧及基建业务，以及租金与酒店经营收益。另外，长实于去年10月收购德国养老院及辅助生活设施后，结合先前在英国及北爱尔兰的基建项目投资，成功扩充社会住房资产组合。该行认为，上述收购将进一步强化并丰富长实的经常性收益基础。目前公司负债比率处于4.3%的低水平，将有利于在香港及海外发掘更多增值收购机会，为长期盈利增长前景增添动力。该行指，近期李嘉诚基金会增持长实股份，彰显对企业内在价值的信心。加上随着收益质量因经常性收益基础的强化与多元化而改善，预计将推动股价估值上修。若启德Victoria Blossom项目推出后市场反应理想，将有效提振市场对该股的投资情绪。该行表示，公司通过将成熟资产变现并将资本循环投入具有更佳增长潜力的新投资项目，持续为股东创造价值。此举应可为中期的可持续盈利增长奠定基础。该行予长实“买入”评级，但目标价下调3.4%，由43.15港元降至41.7港元。
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