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大行評級 | 美銀:呼籲“買入”長實,出售波老道項目明智鎖定資產價格
格隆匯 09-29 15:54
格隆匯9月29日丨美銀髮研報指出,長實集團(1113.HK)近日股價大跌是對負面消息反應過度,認爲現價較資產淨值折讓60%,估值吸引,重申“買入”評級。美銀報告指出,長實集團近日出售波老道項目是在加息週期下鎖定資產價格明智之舉,而208億港元的作價與美銀對該項目資產淨值的預測相若。長實股價近日大跌,主要反映市場對英鎊下挫的憂慮,而集團基建業務的資產淨值僅佔總資產淨值約15-20%,其中英國業務或僅佔9-12%,因此認爲近期該股跌幅過度。雖然長實並無就營運收入敞口作出對衝,但其本幣債務已發揮自然外匯對衝之效,惟英國利率上升,集團浮息債部分,仍得面臨利率風險。該股現報47港元,總市值1712億港元。
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