大行評級丨小摩:料長和出售港口業務對股價有正面反應
摩根大通的研究報告指,長和(0001.HK)計劃出售其港口業務的大部分或對投資者而言屬正面驚喜。此次出售目標的業務佔長和EBITDA的13%,估算港口業務的貢獻將從15%大幅降至1%。公司至今未有透露出售所得資金的具體用途,該行認爲,基於過去幾年的收購趨勢,傾向於認爲資本分配可能會偏向於基建業務,以進一步鞏固該領域的發展。該行對公司的目標價爲50港元,評級“增持”。該行指,若落實交易長和今次出售所得的190億美元,代表其市值99.8%或企業價值37%,投資者對股份回購或特別息的期望應會上升,料股價會作正面反應。摩通表示,出售港口業務將有助於改善長和的業務組合,並可能爲高回報的基建領域提供資金支持。
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