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《大行報告》高盛:長和(00001.HK)確認洽售歐電訊基建資產 料提升NAV約16%
阿思達克 11-05 11:53
高盛發表報告表示,長和(00001.HK)昨收市後旗下CK Hutchison Group Telecom(CKHGT)公布今年第三季營運數據,雖然在新冠疫情下,但期內收益按年跌4%、毛利總額跌1%、續保持穩定;此外,公司擬向Cellnex出售歐洲電訊基建資產涉100億歐元(約910億港元),該行指,長和管理層在分析員會議上未有進一步披露上述交易更多細節,但指鑑於交易的重要性,公司認為有義務披露今次潛在交易(100億歐元佔公司其市值的55%)。基於早前曾有媒體作出報道,該行對今布不感到完全令人意外。

該行維持對長和「買入」評級及「確信買入」名單,予目標價75元。高盛表示,若根據歸屬於CKH的基站數量分配100億歐元的對價(在歐洲六個國家/地區(包括英國、意大利、愛爾蘭、奧地利、丹麥等)擁有的2.91萬座基樓總數),長和應佔權益的對價為92億歐元,意味著企業價值對EBITDA為31倍(基於公司先前披露的IFRS備考前的2020年EBITDA為3億歐元基準計算)。而該行現時對長和旗下鐵塔資產估值僅預測企業價值對EBITDA僅6倍,料交易可提升集團每股資產淨值16%或17.7元(假設鐵塔資產無負債計算)。

該行指評估了長和藉交易錄得收益後資金用途的不同情境,公司或將所得用以保充資本,以助集團未來進行併購及將淨負債比率降至20%水平‧。情境之一,若長和悉數將現金用以降低負債,料集團淨負債對淨資本比率會降至14.3%(今年6月底為25.6%);倘若長和目標是將淨負債比率降至20%水平,料每股剩餘現金為11.8元。

另一種可能性是,長和維持派息比率的31%(包括一次性收益),根據重估收益的規模,該行料長和2020財年的盈利將增至430億至1,120億港元,相當每股11.1元至29港元。若分派所得的31%,將意味著每股總體派息介乎3.4元至8.9港元,按當前股價計算,提供7%至18.3%的股息收益率。該行指長和的股價對消息反應取決於公司藉交易所得收益的用途。

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