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大和:升崑崙(0135.HK)目標價至9.3港元 憧憬派特別息
格隆匯 10-30 11:45

大和報告指崑崙(00135.HK)股價今年以來跌14%,對比同期恆生指數升4%,但在過去一個月股價回升了7%。該行預期進一步股價上升空間來自分拆資產後潛在派發特別息,但國家油氣管道改革為不明朗因素,而分拆進程須要少數股東同意,或許現金代價會更有可能成事。

該行指,料分拆項目需要額外數月商討,料會於明年上半年有定案,並需要通過少數股東同意,因此推算會有現金要約。若以分拆資產市賬率1.4倍計算,以防止有減值的出現,有關資產估值料達280億元,相信公司利用所得資金擴張下游業務會較為理想,而假設為全現金要約及公司將所得資金30%用作派發特別息,料特別息價值每股1元。

該行重申崑崙“買入”評級,相信目前估值吸引,目標價由7.8港元升至9.3港元,但需留意分拆資產的最終估值。

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