汇丰研究发表报告指，周大福创建(00659.HK) 股息政策具持续性与渐进性，受现有业务稳定的现金流支持。净负债比率为35%，财务状况健康，即使永续债券再融资可能略增负债，但仍低于40%至45%的目标。该股提供约9%股息率，2026年预估为8.8%，相较香港上市同业约5%至6%更具吸引力。
该行预期，公司若有重大资产出售，如收费公路或非核心资产，可能派发特别股息。维持“买入”评级，目标价从9港元上调至9.2港元，基于稳健的股息支持及业务前景。资产组合重整及高股息收益率为主要吸引力。
该行料，周大福创建下半年可归属营运利润增长预计放缓至1%，低于上半年增长4%，主要由于保险业务复苏正常化，收费公路受交通流量疲软影响，物流业务则因贸易政策不确定性及内地仓库竞争加剧，可归属营运利润可能小幅下降。资产出售可能缩窄净资产值折扣，成为正面催化剂。
未来资本支出方面，该行引述周大福创建管理层指引，预计2028年前每年将投入4亿至5亿元人民币用于道路扩建，以及经常性资本支出2亿至3亿港元。公司拟将收购目标聚焦保险相关行业，交易规模不超过10亿港元。(ha/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-01 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.