《大行報告》美銀證券:長實(01113.HK)208億售波老道項目 為息口上升情況下鎖定資產價格精明舉措
美銀證券發表研究報告指,長實集團(01113.HK)以近208億元將香港波老道21號的發展項目「21 BORRETT ROAD」出售給ORIC-Borrett,售價符合預期,該項目在2025年3月之前的任何銷售仍將計入集團,因此其仍有效地獲得了可在2025年行使的賣出期權。
該行表示,鑑於英鎊匯價暴跌,集團股價最近因擔心其在英國的盈利敞口而下跌。該行認為長實集團股價已過度調整,預計集團的基礎設施資產淨值(扣除聯營債務後)僅佔總資產淨值的15至20%(其中英國可能僅為9至12%),雖然集團未有對其營業收入風險進行對沖,但有通過本地貨幣債務進行自然的外匯對沖。
不過,如果英國利率飆升,浮動利率部分亦有利率風險。該行重申長實集團「買入」評級,維持目標價64元。
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