《大行報告》星展首予長和(00001.HK)「買入」評級 目標價75元
星展發表的研究報告指,雖然匯率層面呈弱勢,但長和(00001.HK)業務表現穩健,認為其低估值並不合理,公司2019財年淨利按年增長2%至398億元,符市場預期。期內公司EBITDA有74%是來自電訊、基建及零售業務,而三個分部均有穩定的可持續盈利。雖然零售業務短期或受疫情所拖累,但電訊及基建相對不受影響。而去年財年公司有55%的EBITDA是來自歐洲,而來自英國則佔22%,最近英鎊弱勢亦影響到公司的股價。
星長指出,公司成立了新的電訊基建公司,以持有其歐洲鐵塔資產,並將於今年7月營運,相信分拆開鐵塔資產有助釋放其價值。該行認為公司盈利前景相對穩定,而股息率亦達5.5%,認為英鎊及歐元相對港元強勢的話,股份或可重估。公司重組鐵塔資產亦可成正面催化劑,首予其「買入」評級,目標價75元,意味潛在上行空間有31.2%。(el/k) ~
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