野村:升長和(0001.HK)目標價至70港元 維持買入評級
野村發表研究報告指,長和(0001.HK)近期的兩個併購項目將可提升公司價值,以及從近期的估值低谷中重估。該行將其2020年度每股資產淨值提高8%至106港元,目標價隨之亦由64.7港元上調至70港元,維持買入評級。
野村指,長和將在歐洲的29K無線塔類資產拆分為CK Hutchison Networks,相信將可釋放相關資產的隱藏價值。
另外,長和持有約40.19%股權的赫斯基能源擬合併創立一家新的綜合加拿大石油及天然氣公司,於美加上市的Cenovus已與赫斯基訂立安排協議,雙方進行一項包括債務在內,價值236億加元的全股份交易合併。
野村認為,長和將在合併後的實體中擁有其15.7%的權益,意味著赫斯基能源的財務表現不再合併於其報表,將可大大減少油價波動帶來的盈利影響。另外,合併後將產生成本協同效應,從而降低現金流收支平衡點,從而在油價穩定的情況下令長和有更大的估值上行潛力。

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