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《大行報告》瑞銀下調長和(00001.HK)目標價至98元評級「買入」
阿思達克 08-02 11:19

瑞銀發表的報告指,長和(00001.HK)宣布成立電訊控股公司CKHT,整合集團歐洲電訊業務及和電(00215.HK)權益,下一步則將成立新電訊基建公司CKHN,並持有歐洲電訊業者中的2.85萬座電訊發射站資產,該行對相關舉措看法正面,認為可解鎖公司在經營、融資效率上的價值,並為潛在出售或分拆提供更清晰的架構,認為短期為Wind Tre 約100億歐元之所有現有外部債務進行再融資屬潛在上行因素,相信可助節省每年1億歐元或以上的利息開支。

該行指出長和上半年業績符預期,期內盈利按年升1%而EBITDA則按年跌2%,中期息按年持平在每股0.87元水平,認為業績部分受匯率因素拖累,按當地匯率計算稅後溢利應按年增長6%,另外赫斯基產量下降加上油價較低亦有影響。期內3集團EBITDA按年升27%,按當地匯率計算則升34%,主要因為期內收購了Wind Tre其餘50%權益,港口業務貨櫃處理量按年增長4%,零售分部受匯率因素影響表現按年持平,如按固定匯率計算,保健及美容EBITDA按年升6%。

瑞銀將公司2019-21年盈利預測下調9%-13%,認為主要受匯率及油價走勢所影響,現時估計2019年盈利將持平,而基於管理層的指引,認為英鎊每調整10%,集團EBITDA或利潤則會調整約2%。該行重申對長和「買入」評級,目標價由107元降至98元。

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