长实集团出售英国电力资产后近乎净现金，为未来股份回购提供弹药

瑞银证券02-27

一、交易概述长实集团（01113）宣布向Engie Group出售其持有的英国电力资产UK Power 20%股权，同时长江基建（01038）及电能实业（00006）亦分别出售各自持有的40%股权。根据公告，长实将回收221.5亿港元现金，其备考净负债比率预计从2025年上半年的7.3%进一步下降至接近净现金水平。此次交易还计入了近期从英国铁路合资企业回收的20亿港元现金。长实预计将录得84亿港元...

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Coast回收的现金增加，以及公司股价继续以2026年预测市账率0.41倍交投（远低于其他主要发展商的0.52-0.69倍），瑞银认为2026年长实进行股份回购的可能性有所提高。三、特别股息与市场预期瑞银预期，长实不会在交易完成后派发特别股息，因管理层此前曾表示股份回购是更有效的提升股东回报工具。此外，瑞银维持对长实的目标价为54.9港元，较预测NAV 91.3港元折让40%，并给予“买入”评级。考虑到此次资产出售带来的正面财务影响，瑞银预计长实股价在公告发布后将有正面反应。四、财务与估值分析通过此次交易，长实的财务状况显著改善，不仅大幅降低了净负债比率，还为未来可能的股份回购提供了充足的资金支持。瑞银指出，长实目前的估值水平较低，相较于其他主要发展商仍具有吸引力。此外，出售英国电力资产虽带来一定的年度化盈利损失，但一次性收益显著增厚了公司的财务实力，为其未来的资本运作创造了更多空间。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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