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《大行报告》高盛:长和(00001.HK)确认洽售欧电讯基建资产 料提升NAV约16%
阿思达克 11-05 11:53
高盛发表报告表示,长和(00001.HK)昨收市後旗下CK Hutchison Group Telecom(CKHGT)公布今年第三季营运数据,虽然在新冠疫情下,但期内收益按年跌4%、毛利总额跌1%、续保持稳定;此外,公司拟向Cellnex出售欧洲电讯基建资产涉100亿欧元(约910亿港元),该行指,长和管理层在分析员会议上未有进一步披露上述交易更多细节,但指监於交易的重要性,公司认为有义务披露今次潜在交易(100亿欧元占公司其市值的55%)。基於早前曾有媒体作出报道,该行对今布不感到完全令人意外。

该行维持对长和「买入」评级及「确信买入」名单,予目标价75元。高盛表示,若根据归属於CKH的基站数量分配100亿欧元的对价(在欧洲六个国家/地区(包括英国、意大利、爱尔兰、奥地利、丹麦等)拥有的2.91万座基楼总数),长和应占权益的对价为92亿欧元,意味着企业价值对EBITDA为31倍(基於公司先前披露的IFRS备考前的2020年EBITDA为3亿欧元基准计算)。而该行现时对长和旗下铁塔资产估值仅预测企业价值对EBITDA仅6倍,料交易可提升集团每股资产净值16%或17.7元(假设铁塔资产无负债计算)。

该行指评估了长和藉交易录得收益後资金用途的不同情境,公司或将所得用以保充资本,以助集团未来进行并购及将净负债比率降至20%水平.。情境之一,若长和悉数将现金用以降低负债,料集团净负债对净资本比率会降至14.3%(今年6月底为25.6%);倘若长和目标是将净负债比率降至20%水平,料每股剩余现金为11.8元。

另一种可能性是,长和维持派息比率的31%(包括一次性收益),根据重估收益的规模,该行料长和2020财年的盈利将增至430亿至1,120亿港元,相当每股11.1元至29港元。若分派所得的31%,将意味着每股总体派息介乎3.4元至8.9港元,按当前股价计算,提供7%至18.3%的股息收益率。该行指长和的股价对消息反应取决於公司藉交易所得收益的用途。

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