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里昂降长和(0001.HK)目标价至82港元评级维持“跑赢大市”
格隆汇 08-02 13:14
里昂 发表报告指,长和(0001.HK) 经调整经常性溢利按年持平在180亿港元水平,低于该行预期。尽管期内欧洲表现受Wind Tre所带动,盈利有强劲增长,相关因素被基建分部贡献减少及汇率 因素所抵销。另外集团宣布将整合欧洲及香港电讯资产,同时成立一家新电讯网络公司。从经营角度而言,该行认为可带来一些协同效应,而集团则相信受惠融资成本下降每年可节省达1亿欧元。里昂相信行动可释放公司实体资产的价值,亦不排除出售资产或分拆上市的可能性。
该行将公司2019-21年可持续基本溢利预测下调7-8%,主要因为削减了基建分部EBIT预测18%,同时该行亦将和电(0215.HK)EBIT预测下调,但相关因素部分被港口及零售分部盈利提升所抵销。该行将公司目标价由87港元降至82港元,评级维持“ 跑赢大市 ”。
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