大行評級|里昂:長和若出售和記港口權益料可向股東返還更多現金
里昂發表報告表示,長和擬可能出售和記港口集團之全部80%實際權益的交易令人意外,預期交易將爲集團帶來超過190億美元現金所得款項。若交易落實將意味出售估值相當於企業價值對EBITDA的13倍,對比同業目前估值約10倍。作價較該行估計其港口估值高出43%,190億美元將使的整體預測今年資產淨值提升13%。此外,一旦出售發生,該集團的綜合資產負債表也將轉爲淨現金狀況。該行仍然認爲從收益中向股東返還現金是合理的,而長和股價較資產淨值折價56%。該行維持對長和目標價爲61港元,評級“跑贏大市”。
里昂指,若出售事項於今年年底完成,長和的綜合資產負債表將轉爲淨現金狀況。假設交易順利進行,目前還不清楚所得款項將如何使用,但該行認爲,考慮到目前的估值和強勁的資產負債表,向股東返還更多現金仍然是合理的。整體而言,出售不僅能增加資產淨值,還能對企業集團的股價產生正面影響。
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