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《大行报告》瑞银下调长和(00001.HK)目标价至98元评级「买入」
阿思达克 08-02 11:19

瑞银发表的报告指,长和(00001.HK)宣布成立电讯控股公司CKHT,整合集团欧洲电讯业务及和电(00215.HK)权益,下一步则将成立新电讯基建公司CKHN,并持有欧洲电讯业者中的2.85万座电讯发射站资产,该行对相关举措看法正面,认为可解锁公司在经营、融资效率上的价值,并为潜在出售或分拆提供更清晰的架构,认为短期为Wind Tre 约100亿欧元之所有现有外部债务进行再融资属潜在上行因素,相信可助节省每年1亿欧元或以上的利息开支。

该行指出长和上半年业绩符预期,期内盈利按年升1%而EBITDA则按年跌2%,中期息按年持平在每股0.87元水平,认为业绩部分受汇率因素拖累,按当地汇率计算税後溢利应按年增长6%,另外赫斯基产量下降加上油价较低亦有影响。期内3集团EBITDA按年升27%,按当地汇率计算则升34%,主要因为期内收购了Wind Tre其余50%权益,港口业务货柜处理量按年增长4%,零售分部受汇率因素影响表现按年持平,如按固定汇率计算,保健及美容EBITDA按年升6%。

瑞银将公司2019-21年盈利预测下调9%-13%,认为主要受汇率及油价走势所影响,现时估计2019年盈利将持平,而基於管理层的指引,认为英镑每调整10%,集团EBITDA或利润则会调整约2%。该行重申对长和「买入」评级,目标价由107元降至98元。

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