《大行报告》高盛重申长和(00001.HK)「确信买入」名单 料可释放电讯业务隐藏价值
高盛发表报告表示,该行近日在深圳举行中国投资论坛,获长和(00001.HK)代表出席论坛,公司透露业务与今年上半年趋势相似,大部份业务(包括港口、零售及基建业务)持续表现稳定,来自意大利电讯业务业绩良好。
该行指,长和盈利增长较受到外汇变动所影响,预期英国脱欧限期会为明年初,相信短期业务透明度会上升。该行认为,一旦脱欧因素去除,将可释放长和潜在价值,包括铁塔资产变现等,有助市场对其进行估值重估。
该行称,长和确认会重整欧洲电讯业务现金流量,公司或计划将2.85万个欧洲铁塔公司资产注入另一间公司并正考虑可能进行分拆,但相信监管机构审批需要较长时间,目前估计料明年初会完成。该行按铁塔资产企业价值对EBITDA的10倍作估值,相当於2018年企业价值75亿欧元对应7.5亿欧元EBITDA。
高盛表示,维持对长和「买入」评级(列入「确信买入」名单),及目标价104元,此按综合方式作估值,料管理层或会释放电讯业务的隐藏价值。
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