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《大行報告》瑞銀:長和(00001.HK)出售鐵塔資產 目標價上調至67元
阿思達克 11-17 09:52
瑞銀發表研究報告將長和(00001.HK)2021年底的資產淨值估算提高19%至每股112元,以反映宣布出售歐洲的鐵塔資產後,現金收益增加80億歐元及Cellnex新股價值14億歐元。

在交易完成後,長和料淨債務與總資本比率將由今年6月約26%下降至約15%,而5年內的比率則介乎20%至25%。這意味集團在維持現有信用評級的同時,亦在向股東提供更好回報上有更大空間。在80億歐元的純現金收益中,如果有10%至30%被分配用於股份回購,即相當於長和市值的4%至12%。該行相信,結構合理而且執行良好的回購計劃將有助於收窄資產淨值折讓,而公司計劃在2020及2021年交易完成時考慮股份回購計劃。

該行將公司2021至2022年的每股盈利預測測削減4%至6%,以反映鐵塔租金開支的增加。目標價由原來的61元上調至67元,維持「買入」投資評級。

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