《大行報告》美銀證券下調長和(00001.HK)2022至2024年每股盈測2%至10% 估值吸引重申「買入」評級
美銀證券發表報告指,雖然長和(00001.HK)不能倖免於宏觀挑戰,但認爲集團大部分業務穩定,且能相對較好地應對下行。
該行表示,有報道稱英國電訊商Vodafone正洽商將英國業務和長和旗下的3英國合併,若屬實,相信交易是風險(監管不明朗)及機會(潛在估值與協同提升)並存。另一方面,於出售英國發射塔交易完成後,長和料將重啓股份回購以抵銷稀釋作用。
美銀證券相信長和目前估值具吸引力,相當於資產淨值(NAV)折讓54%,對比歷史平均折讓幅度38%,因此維持其股份「買入」評級,目標價70元,並料其在加息環境下處有利位置,因出售發射塔業務後槓桿已下降,及去年底止近70%信貸是以固定利率計息。長遠而言,通脹加劇料帶來受規管收入上升及基建板塊資產基礎擴大。
不過,該行認爲集團的經營前景好壞參半,雖然油價上升可令能源業務盈利大增,出售英國發射塔亦料將錄140億港元的稅前收益,但會受到疫情封城拖累內地零售業務,及匯率和利息成本增加影響。整體而言,美銀下調長和今年至2024年每股盈測2%至10%,料期內盈利按年大致持平。
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