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| HSI1 | 23,803.03 | -205.52 | 86.47B |
| HSCEI1 | 7,993.47 | -63.29 | 28.23B |
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2026-11-12 10:17:25 After factoring in the disposal of three expressways, CLSA lowered its recurring profit forecasts for CTF SERVICES (00659.HK) for FY2027 and FY2028 by 5% and 12% respectively, to HKD2.861 billion and HKD2.847 billion. The negative earnings impact from the expressway disposals was partly offset by additional interest income at the HQ level. The broker also adjusted its margin assumptions for the logistics and facilities management segments, and factored in an approximately RMB170 million disposal loss from the three expressways, as well as annual impairments of HKD300 million from FY2027 to FY2029. The broker upheld a Neutral view on the company's new investments in data centers and energy storage, while foreseeing them to contribute positively to earnings after operations commence. Despite multiple recent transactions, the investment thesis remains intact. The broker slightly lowered the TP from HKD11.5 to HKD11.2 and maintained the Outperform rating. After adjusting for the bonus shares, the FY2027 dividend yield was estimated at about 6.9%, while the current share price represents an approximately 32% discount to FY2027 NAV per share of HKD11.9. ~ AASTOCKS Financial News Website: www.aastocks.com | |