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《大行報告》花旗下調長和(00001.HK)目標價至108元評級「買入」
阿思達克 08-02 14:38

花旗發表報告指,長和(00001.HK)上半年純利約182億元,按年升約1%,相當於該行及市場對其全年預測的42%及43%。

報告認為,長和上月成立電訊控股公司CKHT,整合集團歐洲電訊業務及和電香港(00215.HK)權益,相信三大評級機構其後會對該新公司進行評級。該行指,新公司將會為Wind Tre的債務進行再融資安排,料於2020年之後為集團每年節省超過一億歐元的財務成本。此外,長和將會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,成為歐洲第四大的電訊基建公司。

長和管理層預計,英鎊兌港元若貶值10%,令集團上半年EBITDA及純利減少12億元及4億元。考慮中績及外匯變動,花旗下調長和2019至2021年盈利預測7%至10%,目標價亦由118元調低至108元,維持「買入」評級。

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