瑞银下调复星国际(0656.HK)目标价至12港元评级“买入”
瑞银发表研究报告,将复星国际(0656.HK)
2019年资产净值(NAV
)预测削减23%,至每股18.4港元,以及将目标价由16.8港元下调至12港元,主因计及其投资的上市公司资产价值下跌。
但该行仍认为复星国际可提供良好价值,长线估值吸引,现价较该行预测的每股NAV折让约50%,故维持评级“
买入
”。
不过该行指,复星国际正进行短期价值释放,专注改善品牌及产品,同时亦整合旗下数码销售及推广平台复星有叻(Youle)的客户群、产品及服务,故预料公司将有一段较平淡的时期。
另一方面,该行估计复星约一半的资产价值已上市,当中60%在A股
市场。相信其多元化的上市投资组合,可令复星资产组合更具流动性及透明度,有助缓解投资者对其资产负债表及流动性风险的忧虑。
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