里昂：升长和(00001)评级至“高度确信跑赢大市” 上调目标价至102港元

智通财经05-28

智通财经APP获悉，里昂发布研报称，将长和(00001)的目标价上调至102港元，评级由“跑赢大市”调高至“高度确信跑赢大市”(High-Conviction Outperform)，并将其列为香港综合企业板块中的首两大首选股之一。里昂表示，长和自2020年以来持续推进资产变现，已累计回笼大量现金。随着各项资产剥离计划陆续成形，特别是全球港口资产及非英国电讯业务的潜在出售，将显著加强公司本已强劲的...

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而一旦完成港口资产的出售，将使公司直接重返净现金状态。该行指出，尽管长和股价自2025年初以来已累计反弹74%，但目前股价相较于2026年度每股资产净值预测146港元，折让仍高达51%，估值吸引。在当前地缘政治背景下，长和在海外的投资实质上有所收窄，这使集团在完成资产出售后，具备极大空间向股东派发特别股息。历史记录显示，长和在过去12年间曾有三次派发特别股息的先例。倘若集团选择留存现金，低估值加上强劲的现金储备，亦使其在财务上成为类似合和实业的潜在私有化对象。里昂目前预测长和2026至2028预测年度的经常性利润将较2025年水平高出21%至33%，其中Cenovus Energy将成为2026年的核心盈利驱动主力，足以抵消剥离英国铁路及英国电网带来的影响。该行将其目标折让率由历史平均的25%调整至34%，并将估值滚动向前。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2638522206","isCrawlerRequest":true}