惠誉:长和(00001.HK)出售铁塔资产有助纾缓现金流压力
惠誉发表报告指,长和(00001.HK)将100亿欧元欧洲铁塔资产出售给西班牙铁塔公司Cellnex Telecom SA,将会在集团增加5G投资之前提供额外的财务灵活性,及减轻疫情对公司自由现金流和杠杆带来的短期压力,相信长和会继续维持其审慎及保守的财务管理,预期出售铁塔的收益将会重新投资到业务中,并用於去杠杆化和股东回报。
该行预期,疫情对公司现金流的负面影响,将暂时令其调整後营运现金流(FFO)净杠杆率提升至2020年的4.7倍。然而,由於该行认为现金流将会由今年下半年起逐渐改善,预计净杠杆将在今年後降至4.5倍以下。此交易的潜在收益可能会提供额外的财务缓冲。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.