高盛:升會德豐(0020.HK)目標價至73港元 私有化可消除估值折讓
會德豐(0020.HK)公佈,主要股東吳光正家族提出以現金加九倉(0004.HK)及九倉置業(1997.HK)的股份,將會德豐私有化。
高盛發表報告指,對集團提出重組完全不感到意外,因為系內在過去20-30年間曾進行許多私有化,而自2017年分拆九倉置業後,會德豐已穩步增加其在九倉和九倉置業的控股權;同時間吳氏家族亦增持會德豐股權6%。認為今次私有化提議有助將控股公司資產淨值折讓的問題消除,但無法改變市場對九倉與會德豐在香港地產業務重疊的關注。對於九倉和九倉置業,私有化亦只是令控股權結權有轉變,對其業務基面本並無直接影響。惟高盛提醒,若私有化通過後恐會令兩間公司股價波動性增加,因會德豐股東獲派股份後或會沽貨。
該行將會德豐目標價由59港元升至73港元,維持“買入”評級;同時修訂其19-21財年核心盈利少於2%,以反映九倉和九倉置業最新股權變化。

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