长和(00001.HK)续升逾4%曾越牛熊线 售铁塔资产後部分资金拟回购股份获瑞银及美银升价
落实出售欧洲铁塔资产的长和(00001.HK)分别获瑞银及美银升价至67元及69元。该股三连涨,今天曾重越牛熊线(57.75元),最高见57.8元,创半年高,现造57.5元,续升4.3%,成交增至1,147万股,涉资9.91亿元。
瑞银指,将长和2021年底资产净值估算提高19%至每股112元,以反映公司出售欧洲铁塔资产後,现金收益增加80亿欧元及Cellnex新股价值14亿欧元。报告指,长和完成交易後,预计公司净债务与总资本比率将由今年6月约26%下降至约15%,而5年内比率介乎20%-25%。这意味集团在维持现有信贷评级同时,也在向股东提供更好回报上有更大空间。在80亿欧元纯现金收益中,若有10%-30%被分配用於股份回购,即相当於长和市值的4%-12%。而公司计划在2020及2021年交易完成时考虑股份回购计划。因此,将目标价由61元升至67元,重申「买入」评级。
美银指,长和出售欧洲铁塔资产符合市场预期,但公司宣布将部部分所得款项分配至市场股份回购计划,令该行感到惊喜,考虑到长和估值便宜,出售事项预期将令每股资产净值上升15%,将其目标价上调至69元,重申「买入」评级。
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