《大行報告》花旗下調長和(00001.HK)目標價至76.5元 維持「買入」評級
花旗發表報告指,長和(00001.HK)公布正與英國電信商Vodafone就可能合併英國流動電訊資產及Vodafone英國進行洽談,由於公告提供的信息有限,現時評估有關潛在合併能否為長和帶來價值是言之尚早。
不過,該行提到早前長和完成印尼業務合併(今年上半年主要盈利增長貢獻之一),應可提醒投資者集團一直尋找可為股東創造價值的交易。而是次商談的合併不會涉及現金,意味交易不會對長和的股份回購計劃產生任何影響。
花旗下調長和股份目標價,由84元降至76.5元,反映不利的匯市影響,評級維持「買入」。該行認為,集團估值便宜,約為64%的資產淨值折讓,較歷史平均折讓兩個標準差以上。
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