《大行報告》高盛上調長和(00001.HK)目標價至82元 維持確信買入名單內
高盛發表研究報告指,與長和(00001.HK)交流後了解到,其業務目前仍未完全恢復到疫情前水平,部分歐洲業務更因近日疫情再度爆發而受影響,但近幾個月來旗下的港口及零售業務有改善,港口吞吐量由去年上半年的按年跌8%收窄至首十一個月的跌3%,而屈臣氏的零售額亦由上半年的跌11%,減至首十一個月的跌5%。
該行認為,公司早前宣布向西班牙電訊基建公司Cellnex出售鐵塔資產的交易,所得款項初步預期用於基礎設施系統升級、降低負債比率及股份回購,惟具體計劃未明,未來亦要向Cellnex支付鐵搭租賃開支。至於旗下赫斯基能源與同業Cenovus Energy的合併方案已獲雙方股東同意通過,長和又與Ooredoo就合併印尼電訊業務簽諒解備忘錄,目前長和對各項交易及合作有望完成表示樂觀。
高盛表示,計及鐵塔資產的交易,將長和2020至2022年核心盈利預測下調5%至7%,將2021年每股資產淨值提高至126(原本113元)元,並相應提高目標價至82元(原本75元),維持「買入」評級(確信買入名單)。
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