星洲熱股評析
购富达油棕园．莫实得种植派息料降
2017-08-24 09:56
原棕油价格及产量增加，莫实得种植核心收益符合预期，惟收购富达置地沙巴种植园，可能会影响股息派发能力，分析员因此下调该公司评级。
（吉隆坡23日讯）原棕油价格及产量增加，莫实得种植（BPLANT，5254，主板种植组）核心收益符合预期，惟收购富达置地（DUTALND，3948，主板贸服组）沙巴种植园，可能会影响股息派发能力，分析员因此下调该公司评级。
马银行研究指出，莫实得种植第二季净利按年下挫77%，主要是前期脱售土地获利拉高比较基础。惟剔除一次性收益后，第二季核心盈利仍按年增长34%，推高上半年净利成长2.37倍。
该公司上半年股息派发高达5.5仙，与马银行估算相差不远。不过，该公司有意以7亿5000万令吉现金或每公顷6万4772令吉，收购富达置地沙巴种植园，恐怕无法维持高派息。
马银行分析，根据富达置地的2016年年报，该种植园只贡献230万令吉净利，按照上述出价，富达种植园本益比高达441倍。
马银行维持莫实得种植财测不变，但认为高股息无法维持。
该公司6亿2100万令吉槟城售地计划，所得收益预料将用于该沙巴收购项目，因此把莫实得种植评级降至“持有”，目标价维持1令吉78仙。
文章来源：
星洲日报‧财经‧2017.08.24http://www.sinchew.com.my/node/1675666/%E8%B4%AD%E5%AF%8C%E8%BE%BE%E6%B2%B9%E6%A3%95%E5%9B%AD%EF%BC%8E%E8%8E%AB%E5%AE%9E%E5%BE%97%E7%A7%8D%E6%A4%8D%E6%B4%BE%E6%81%AF%E6%96%99%E9%99%8D
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