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《大行报告》摩通料长和(00001.HK)悉数派特别息机会低 或仿效当年千亿「卖橙」後派送红股
阿思达克 11-05 12:13
长和(00001.HK)公布拟向Cellnex出售欧洲电讯基建资产涉100亿欧元(约910亿港元),摩根大通发表报告表示,长和确认潜在将相关铁塔资产出售(相当於其市值的44%),应该是对其股价的重要驱动力,可令其获市场重估,该行维持对长和「增持」评级及目标价83元,现股价仅相当预测明年市盈率5.3倍,较每股资产净值折让60%。

该行指,长和今次潜在向Cellnex出售欧洲电讯基建资产涉100亿欧元的交易,涉及欧洲铁塔资产2.85万个,料若落实交易,潜在可为长和带来820亿元或每股现金21元,相当其每股资产净值约18%。

摩通表示,若将长和今次出售欧洲电讯基建资产交易,与集团1999年曾将所持有Orange的44.8%股权出售进行比较,当年Orange作价1,250亿港元,相当於集团大重组的前身和黄的市值约42%。

摩通估计,长和若落实上述交易,所得资金用途可用於减债、投资、将所得分派予股东(但该行相信将悉数所得派特别息机会较低),但相信长和或会仿效当年千亿「卖橙」後派送红股(当年和黄是10送1红股)。(wl/k)

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