野村:维持长和(0001.HK)买入评级 目标价74.5港元
野村发表研究报告称,长和(0001.HK)去年纯利录290亿港元,分别较市场及该行预期的低1%及3%,惟业绩确认了集团大部分业务盈利在去年下半年已在复苏;更重要是经营自由现金流按年上升29%至280亿元,主要归功于利息支出及营运资本管理改善,维持其买入评级,目标价续看74.5港元。
野村指,长和于去年底共收取207亿港元出售欧洲塔类资产的收益,管理层重申会根据市场情况,将部分收益用作股份回购,惟没有透露其规模及时间表。该行预期,长和将于今年展开回购计划,并至少持续两年;至于馀下的收益料会用于去杠杠及用作于潜在收购机会。
该行又认为,赫斯基能源与Cenovu的合并已于今年初完成,将可提供更大长远价值。而集团亦预期合并后,今年可产生10亿加元的成本协同效应,从而令今年油价打和点更低,料为每桶36美元。从长远来看,相信是次合併将给长和带来更好的估值上行潜力。另外,美元持续疲弱亦将有利长和的盈利表现。

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