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《大行報告》美銀證券:長實(01113.HK)售飛機租賃業務略正面 資金回籠或增回購
阿思達克 12-28 11:08
美銀證券表示,長實集團(01113.HK)附屬出售飛機租賃業務,屬意料之外,料有輕微正面作用,將略微增加股票回購的機會。該行指,長實估值吸引(較每股資產淨值折讓60%),維持其「買入」評級,目標價56元。 美銀證券認爲,此次出售令市場估計長實能否找到新的收購機會,來補充其經常性業務帶來現金流,但同意管理層判斷,即在利率開始上升環境下手頭持有更多現金,可能會更好地讓長實把握收購機會。 美銀證券說,對長實在飛機租賃業務感到不積極,因爲隨着時間需要更換老化飛機,所需的高資本支出抵銷了較高的EBITDA收益率。長實管理層表示,無意出售其英國酒吧業務,因爲它在今年下半年出現了良好的復甦,而且其不受國際旅行限制的經常有變的影響。
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