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高盛长和(0001.HK)若释放电讯资产价值料反应正面吁“买入”
格隆汇 08-02 16:47

高盛发表研究报告表示,长和(0001.HK)中期业绩符合预期,期内盈利按年升2%,而核心盈利按年升1%至182亿港元,受海外业务汇价疲弱拖累,若管理层能公布释放电讯资产价值的更多具体计划,将感到鼓舞,而市场对此反应将正面,重申长和买入”评级,目标价104港元。

该行指,长和公布其电讯增长策略时提到,将会成立电讯控投公司CK Hutchison Telecom(CKHT),打包欧洲3集团、以及香港及澳门的电讯资产,目的是改善营运效率及进一步降低财务成本。此外,集团亦计划年底成立电讯基建公司CK Hutchison Network(CKHN),以注入欧洲的2.85万座电讯发射站资产,其成立后将会成为欧洲第四大铁塔公司。虽然管理层指现阶段未有分拆两间公司的计划,但有关架构重组将令其未来更有弹性去进行分拆,高盛估计,CKHN的估值达50至100亿欧元,相对而言,长和整体欧洲、香港及澳门电讯资产每股企业价值为55港元。

高盛又指,为反映汇价走势,以及电讯资产重组有助降低财务成本,将长和2019至2021年每股盈利预测调高0-4%,该行估计透过电讯资产重组每年可降低20亿港元的借贷成本。

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