大行评级|花旗:长和上半年业绩稳健,目标价升至89港元

格隆汇
Aug 14
花旗发表研报指,长和上半年业绩稳健,纯利同比大增逾30倍至逾268亿港元,撇除一次性项目及英国电讯业务的核心盈利同比增长7%至125.81亿港元,达到该行对全年盈利预测的约56%,认为长和在当前艰难经营环境下拥有多元化业务优势。受惠长建出售英国铁路及英国电网权益,期内集团净负债对净总资本比率降至8.1%的历史新低。今年7月完成出售VodafoneThree 49%权益再套现43亿英镑,花旗相信长和资产负债率可进一步下降。但对如何部署累积的现金缺乏清晰说明略感失望,继续维持NAV约49%折让,随着估值延伸至2027年,NAV由150.44港元上调至175港元,目标价则由81.5港元上调至89港元,维持“买入”评级。

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