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《大行報告》大摩:長實(01113.HK)售飛機租貸業務 減負債對未來派息正面
阿思達克 12-28 10:07
摩根士丹利發表研究報告指,長實集團(01113.HK)附屬宣佈出售飛機租賃業務,涉及合共125架飛機,總代價約331億元,預期交易利潤超過13億元,交易估值爲2019年市盈率的29倍。 該行估計,長實過去五年的處置利潤上,每年現金流回報爲約10%,估計財表上的透明負債率將從2021年上半年的23%,下降至15%。 大摩指出,飛機租賃佔長實經常性收入總額約8%至10%,佔總利潤約4%,預期近期收購的170億元基礎設施資產,交易可於明年上半年完成,明年EBIT料達40億元。大摩認爲退出飛機業務將令長實經常性收入更加穩定,在利率上升的環境下降低負債率,對未來的股息、回購和購買其他經常性收入業務更有利,予目標價54元,評級「增持」。
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