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《大行》大摩恢復覆蓋長和(00001.HK) 評級「增持」目標價65元
摩根士丹利發表研究報告,恢復覆蓋長和(00001.HK),給予「增持」評級,目標價65港元。該行認爲長和具備三大投資亮點:(1)未上市資產價值尚未充分反映;(2)潛在增值策略性交易機會;(3)估值吸引且資產負債表穩健。 報告指出,當前地緣政治緊張局勢既帶來風險亦蘊含機遇。長和可效仿其他綜合企業,通過資產分拆實現價值重估。雖然市場普遍傾向迴避綜合企業,但大摩認爲,長和憑藉穩健的盈利表現、過往成功執行增值交易的紀錄,以及價值重估潛力,仍具投資吸引力。若港口出售交易順利完成,公司可能派發特別股息或實施股份回購。 短期來看,摩根士丹利預測長和2025年上半年每股盈利將達2.81港元,按年增長6%,每股股息爲0.73港元,按年增長6%,主要受惠於港口及零售業務的穩定表現。若美元走弱趨勢持續,將進一步利好公司盈利。 長期而言,摩根士丹利認爲,長和三大核心未上市資產(港口、零售、電訊)最終將通過分拆或上市實現價值釋放,創造顯着股東價值,但投資者需保持耐心等待合適時機。
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