【券商聚焦】交银国际维持周大福创建(00659)买入评级指金融服务板块表现强劲

金吾财讯

Mar 04

金吾财讯 | 交银国际研报指，周大福创建(00659)2026财年上半年录得股东应占溢利13.34亿港元，按年增长15%，总收入按年增加5.9%至128.27亿港元。公司宣派中期股息每股0.28港元，按可比较基础计算按年增加约3%。金融服务成为主要增长引擎，应占经营溢利强劲增长19%至7.29亿港元。道路业务表现平稳，应占经营溢利微升1%至7.71亿港元。策略性投资板块溢利显着增长78%至9,940万港元。然而，物流及建筑板块受经济挑战影响，溢利分别录得14%及21%的跌幅。于2025年末，债务净额下降6%至138亿港元，净负债比率进一步改善至34%（2025年6月30日：37%），平均借贷成本年利率回落至约4.0%（去年同期：4.2%）。周大福创建期内业绩展现了其多元化业务组合的防御性及增长潜力，金融服务板块表现强劲。该机构相信公司在持续优化业务组合以及金融服务板块带动下，在未来3年可维持稳定增长以支持其渐进股息政策。该机构预测其FY26/27/28 调整后 EBITDA约为73.9/77.5/80.2亿港元。公司重新纳入恒生综合指数并有望短期内加入互联互通，将有助进一步提升其估值。综合考虑基本面稳健、发展战略清晰及股东回报吸引，该机构维持买入评级，并基于最新分布加总模型及30%流动性折让，上调目标价至10.6港元。

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