花旗:對長實(1113.HK)出售飛機租賃業務看法正面 予中性評級
長實集團(1113.HK)早前出售飛機租賃公司,套現約332億港元。花旗發表研究報吿指,對上述交易的看法正面,因可能有助釋放集團部分大幅折讓的資產淨值,亦能在疫情後退出具有更高營運不確定性的業務,予目標價50.7港元及“中性”評級。
該行表示,預計長實不會在此次出售後宣佈任何特別股息,因為歷史上集團沒有就非經常性出售支付任何特別股息,因為它傾向於尋找新項目將此類收益再投資,亦指其飛機租賃業務在2019年的税前盈利貢獻約為10億港元,2020年為6.87億港元,估計2022至2023年出售的年度EBIT虧損為7億至9億港元。
該行指,長實截至今年6月底止淨負債為493億港元,淨負債比率為11.8%,倘計入332億港元出售收益,集團備考淨負債降至161億港元,淨負債比率將降至3.9%。

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