报告中称，长和去年纯利符合高盛预期，同比下降36%。若扣除去年欧洲电讯塔销售及合并印尼Indosat等带来的110亿港元收益，集团基本盈利同比降9%，主要受财务费用上升所拖累。高盛又指，长和2023年末期息1.78港元，全年股息2.53港元，同比减少13%，意味着派息比率为42%，高于2022年的31%。Changhe's final dividend of 2023 was HK$1.78, and the annual dividend was HK$2.53, a year-on-year decrease of 13%, meaning that the payout ratio was 42%, up from 31% in 2022.
The Zhitong Finance App learned that Goldman Sachs released a research report stating that it maintained the Changhe (00001) “buy” rating, adjusted the 2024-2026 earnings forecast per share by 3%-10%, and raised the target price by 4% to HK$56 from HK$54.
The bank pointed out that there were too many unexpected expectations for the long term and results in 2023, and overall net profit also declined, which may be due to a lack of one-time income. The company's revenue rose 1% year on year and EBITDA fell 1% year on year due to Watsons's strong retail performance and increased financing and investment contributions. Among them, the European telecommunications business and port business EBITDA both declined.
According to the report, Changhe's net profit last year was in line with Goldman Sachs's expectations, down 36% year on year. After deducting the annual revenue of HK$11 billion from European telecom tower sales and the merger of Indonesia's Indosat, etc., the Group's basic profit fell 9% year-on-year, mainly driven by rising financial expenses. Goldman Sachs also indicated that Changhe's final dividend of 2023 was HK$1.78, and the annual dividend was HK$2.53, a year-on-year decrease of 13%, which meant that the payout ratio was 42%, up from 31% in 2022.
