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《大行報告》花旗:長和(00001.HK)上半年業績穩固 評級「買入」
花旗發表研報指,長和(00001.HK)上半年業績穩健,向投資者展示出韌性,雖然面對全球貿易中斷、激烈市場競爭及疫情等重大不利因素,期內整體利潤仍增長近5%,主要來自於油價上漲、港口業務收入以及印尼電信業務重組帶來的增量收入。 管理層預計英國發射塔資產交易將於今年8月份完成,帶來銷售收益37億歐元,又透露未來將將繼續尋找投資機會,包括增加收益及現金流的電信市場整合機會、開設具有快速回收期的零售門店,以及用於長江基建(01038.HK)的新投資,部分收益並將用於降低淨負債率和股份回購。 該行預期,股票回購將成爲關鍵催化劑,預期交易完成後將展開,認爲長和現時估值便宜,現價相當於每股資產淨值折讓約62%,維持「買入」評級及目標價84元不變。
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