该行续指，公司3月宣布新派息政策，新安排不及以往派息政策进取，指引短期派息比率为65%，对比去年的65%及2022年的84%。派息比率下降主要因为预备资金更新东深供水项目。该行预测公司今年至2026年每股派息为62至67港仙，对比去年的61港仙，符合公司纯利增长。Guangdong Inv (00270) fell more than 7%, down 7.68% as of the press time, at HK$4.93, with a turnover of 0.106 billion Hong Kong dollars.
According to the Wise Finance app, Guangdong Inv (00270) fell by more than 7%, down 7.68% as of the press time, at HK$4.93, with a turnover of 0.106 billion Hong Kong dollars.
Morgan Stanley released research reports maintaining a 'shareholding' rating on Guangdong Inv, based on its stable water business and defensive nature, decreased risks in property investment and development business, attractive valuation, and an expected dividend yield of 7.5% to 8.7% from this year to 2026. Profit forecasts are lowered by 18.6% and 13.1% for the current and next year, reflecting potential inventory impairment losses and low gross margin in property investment and development business. Based on profit forecasts, the target price is lowered by 19.4% to HK$6.59.
The bank further pointed out that the company announced a new dividend policy in March, with the new arrangements being less aggressive than the previous dividend policy, indicating a short-term dividend ratio of 65%, compared to 65% last year and 84% in 2022. The decrease in dividend ratio is mainly due to the renewal of reserve funds for the Eastern Shenzhen Water Supply Project. The bank predicts a dividend per share of 62 to 67 Hong Kong cents from this year to 2026, compared to 61 Hong Kong cents last year, in line with the company's net profit growth.
