《大行报告》高盛上调长和(00001.HK)目标价至82元 维持确信买入名单内
高盛发表研究报告指,与长和(00001.HK)交流後了解到,其业务目前仍未完全恢复到疫情前水平,部分欧洲业务更因近日疫情再度爆发而受影响,但近几个月来旗下的港口及零售业务有改善,港口吞吐量由去年上半年的按年跌8%收窄至首十一个月的跌3%,而屈臣氏的零售额亦由上半年的跌11%,减至首十一个月的跌5%。
该行认为,公司早前宣布向西班牙电讯基建公司Cellnex出售铁塔资产的交易,所得款项初步预期用於基础设施系统升级、降低负债比率及股份回购,惟具体计划未明,未来亦要向Cellnex支付铁搭租赁开支。至於旗下赫斯基能源与同业Cenovus Energy的合并方案已获双方股东同意通过,长和又与Ooredoo就合并印尼电讯业务签谅解备忘录,目前长和对各项交易及合作有望完成表示乐观。
高盛表示,计及铁塔资产的交易,将长和2020至2022年核心盈利预测下调5%至7%,将2021年每股资产净值提高至126(原本113元)元,并相应提高目标价至82元(原本75元),维持「买入」评级(确信买入名单)。
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