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《大行報告》摩通料長和(00001.HK)悉數派特別息機會低 或仿效當年千億「賣橙」後派送紅股
阿思達克 11-05 12:13
長和(00001.HK)公布擬向Cellnex出售歐洲電訊基建資產涉100億歐元(約910億港元),摩根大通發表報告表示,長和確認潛在將相關鐵塔資產出售(相當於其市值的44%),應該是對其股價的重要驅動力,可令其獲市場重估,該行維持對長和「增持」評級及目標價83元,現股價僅相當預測明年市盈率5.3倍,較每股資產淨值折讓60%。

該行指,長和今次潛在向Cellnex出售歐洲電訊基建資產涉100億歐元的交易,涉及歐洲鐵塔資產2.85萬個,料若落實交易,潛在可為長和帶來820億元或每股現金21元,相當其每股資產淨值約18%。

摩通表示,若將長和今次出售歐洲電訊基建資產交易,與集團1999年曾將所持有Orange的44.8%股權出售進行比較,當年Orange作價1,250億港元,相當於集團大重組的前身和黃的市值約42%。

摩通估計,長和若落實上述交易,所得資金用途可用於減債、投資、將所得分派予股東(但該行相信將悉數所得派特別息機會較低),但相信長和或會仿效當年千億「賣橙」後派送紅股(當年和黃是10送1紅股)。(wl/k)

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