汇丰研究发表报告指，将长和(00001.HK) 视为一只深度价值全球多元化综合企业，相信其估值将受到资产流转的支持。此外，集团的整体业务前景也在改善，自2024年下半年以来，该行已看到业务改善迹象，预计2025年的经常性利润将按年轻微增长5%，相较于2023年及2024年分别下降介乎9%至11%。该行恢复覆盖长和予“买入”评级，以分类加总估算法(SOTP)综合企业折让57%计，目标价由72元下调至53元。
报告中提到，集团正逐步转向轻资产模式并精简其业务，从其出售欧洲电信塔资产以及合并Cenovus与Husky中可看出。同时，该行料集团将更加重视成本控制和全球多元化，以确保韧性，而非进行新的投资。
该行称，长和现价相当于综合企业折让64%，预测今年市盈率7.7倍及股息率5.2%。核心催化剂包括潜在分拆或出售电讯及零售业务，以及今年下半年恢复派息增长。由于不确定性，是次研究不计入拟议港口出售事宜的任何改变。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-07 12:25。)
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