You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》摩通:長和(00001.HK)與Vodafone合併英國業務 進一步提升回購預期
阿思達克 06-15 09:53
摩根大通發表研究報告指,雖然市場已經普遍預期到Vodafone與Three UK的合併,但認為長和轉向輕資產策略,可能最終退出電訊業務。有關交易不涉及現金支付,而3英國欠長和的167億英鎊債項,將在公司合併後以現金償還。該行認為,完成合併後,將進一步市場提高對集團股票回購的預期,又認為現金流受電訊業務負現金流的拖累明顯減少,且尚未完全反映在其股價之中。該行維持集團「增持」評級,目標價69元。 該行提到,作為交易的一部分,Three UK將向長和償還16.8億英鎊的股東貸款,以及出售歐洲電訊塔和意大利網絡基礎設施所得的1,000億元現金收益。該行預計,公司將把部分現金用於股票回購,這將成為其股價的主要支持來源。交易完成後,長和需要在資產損益表中確認總計100億元的非現金累計匯兌損失。然而,基於此類會計損失的非現金性質,該行料不會對公司的股息產生任何影響。
Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account