里昂:維持復星旅文(1992.HK)“買入”評級 目標價15.8港元
里昂發表報告指,旅遊公司Thomas Cook的英國業務在昨日(23日)進入強制清盤及即時停止交易,不過公司在歐洲其他地區的業務仍正常運作。
該行表示,於今年6月底,復星旅文(1992.HK)
持有Thomas Cook的11.4%權益,僅佔集團今年資產總值的0.2%,相信Thomas Cook破產對復星旅文的財務影響輕微。
里昂提到,Thomas Cook的資本重組計劃尚未完成,而復星旅文將不需對Thomas Cook注資4.5億英鎊,但未來Thomas Cook是否有額外融資需要仍是未知之數。若復星旅文注資Thomas Cook,該行預計市場將採用更大的折讓,以反映復星旅文的集團性質。
該行維持對復星旅文的“
買入
”評級及目標價15.8港元,指集團目前估值較資產淨值折讓50%,對比其上市以來平均折讓為37%。
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