花旗:升光大控股(0165.HK)評級至“買入” 上調目標價至12.9港元
花旗發表研究報告指,《路透》報道光大控股(0165.HK)
母公司計劃重組並於2020年在港上市,籌約10-30億美元,光大母企屬最大的國有企業之一,擁有銀行、證券、工業等多個行業的業務,資產規模達6700億美元,該行估計集團有機會重組其多重持股架構,以準備上市及應對針對金融機構交叉持股的監管限制。
該行指出光大控股結構十分複雜,相關因素亦導致股價弱勢,而光大控股分別持有光大銀行及光大證券3%和21%的權益,相關因素導致資產淨值折讓拉闊並拖累到其直接業務的經營勢頭。該行認為集團重組可為光大控股帶來套現機會,或助尋找集團內其他與其資產管理業務有更大協同的業務。
該行認為集團有機會拿走光大銀行全部權益以捍衞其管治權,而光大證券的權益則有機會分割至集團或二級市場。該行將光大控股評級“
中性
”升至“
買入
”,目標價由9.4港元升至12.9港元,認為有50%機會價值解鎖的舉措能進行,而在最好的情況下,所得的200億港元或會用於派發特別息讓母公司回收部分款項,而公司亦有機會將部分款項用於還債去槓桿。
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