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《大行報告》高盛重申長和(00001.HK)「確信買入」名單 料可釋放電訊業務隱藏價值
阿思達克 11-06 11:36

高盛發表報告表示,該行近日在深圳舉行中國投資論壇,獲長和(00001.HK)代表出席論壇,公司透露業務與今年上半年趨勢相似,大部份業務(包括港口、零售及基建業務)持續表現穩定,來自意大利電訊業務業績良好。

該行指,長和盈利增長較受到外匯變動所影響,預期英國脫歐限期會為明年初,相信短期業務透明度會上升。該行認為,一旦脫歐因素去除,將可釋放長和潛在價值,包括鐵塔資產變現等,有助市場對其進行估值重估。

該行稱,長和確認會重整歐洲電訊業務現金流量,公司或計劃將2.85萬個歐洲鐵塔公司資產注入另一間公司並正考慮可能進行分拆,但相信監管機構審批需要較長時間,目前估計料明年初會完成。該行按鐵塔資產企業價值對EBITDA的10倍作估值,相當於2018年企業價值75億歐元對應7.5億歐元EBITDA。

高盛表示,維持對長和「買入」評級(列入「確信買入」名單),及目標價104元,此按綜合方式作估值,料管理層或會釋放電訊業務的隱藏價值。

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