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《大行報告》美銀證券:太古(00019.HK)估值合理評級「中性」 太古地產(01972.HK)更吸引
美銀證券發表研究報告指出,太古(00019.HK)以304億元向大股東英國太古集團出售美國太古可口可樂的交易,估值似乎相當吸引,而與其相關的特別息117億元派發有助於釋放價值。然而,該行認為隨著出售事項,太古的盈利將更為偏向房地產(料接近80%),直至其新業務(如醫保)提升之前,太古與其上市子公司太古地產(01972.HK)的區別更小。 該行認為,根據太古出售事項所帶來的估值潛在上行,以及太古地產的股價,估計太古股價較資產淨值折讓26%,相對於歷史平均為18%,意味著除非太古地產股價(佔總資產值的55%)升值,否則太古股價上行空間有限。因此,該行維持對太古的「中性」評級,目標價65元,認為估值合理,但更為看好太古地產,認為後者估值更具吸引力(較資產淨值折讓55%),評級「買入」,目標價24.5元。
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