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《大行》里昂升長和(00001.HK)評級至「高度確信跑贏大市」 上調目標價至102元
里昂發表研究報告表示,長和(00001.HK)自2020年以來持續推進資產變現,已累計回籠大量現金。隨著各項資產剝離計劃陸續成形,特別是全球港口資產及非英國電訊業務的潛在出售,將顯著加強公司本已強勁的資產負債表。該行預期,僅計及2026年英國鐵路、英國電網(UKPN)以及Vodafone Three的出售,長和的合併淨負債權益比將從2025年的17.1%大幅...
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《大行》里昂升長和(00001.HK)評級至「高度確信跑贏大市」 上調目標價至102元
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里昂發表研究報告表示,長和(00001.HK)  +1.650 (+2.444%)    Short selling $136.64M; Ratio 18.376%   自2020年以來持續推進資產變現,已累計回籠大量現金。隨著各項資產剝離計劃陸續成形,特別是全球港口資產及非英國電訊業務的潛在出售,將顯著加強公司本已強勁的資產負債表。該行預期,僅計及2026年英國鐵路、英國電網(UKPN)以及Vodafone Three的出售,長和的合併淨負債權益比將從2025年的17.1%大幅降至2026預測年度的3.7%;而一旦完成港口資產的出售,將使公司直接重返淨現金狀態。

該行指出,儘管長和股價自2025年初以來已累計反彈74%,但目前股價相較於2026年度每股資產淨值預測146港元,折讓仍高達51%,估值吸引。在當前地緣政治背景下,長和在海外的投資實質上有所收窄,這使集團在完成資產出售後,具備極大空間向股東派發特別股息。歷史記錄顯示,長和在過去12年間曾有三次派發特別股息的先例。倘若集團選擇留存現金,低估值加上強勁的現金儲備,亦使其在財務上成為類似合和實業的潛在私有化對象。

里昂目前預測長和2026至2028預測年度的經常性利潤將較2025年水平高出21%至33%,其中Cenovus Energy將成為2026年的核心盈利驅動主力,足以抵消剝離英國鐵路及英國電網帶來的影響。該行將其目標折讓率由歷史平均的25%調整至34%,並將估值滾動向前。為此,里昂將長和的目標價上調至102港元,評級由「跑贏大市」調高至「高度確信跑贏大市」(High-Conviction Outperform),並將其列為香港綜合企業板塊中的首兩大首選股之一。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-28 16:25.)

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