花旗：联想控股(03396)潜在出售BIL或收窄高达75% NAV折让评级“买入”

智通财经09-21

智通财经APP获悉，花旗发布研报称，联想控股(03396)据报道正寻求出售其于卢森堡私人银行Banque Internationale a Luxembourg(BIL)约90%权益，该业务目前约占该行估计联想控股资产净值(NAV)约9%;该行给予联想控股“买入”评级，目标价21.5港元。

该行指出，据报道，初步出价(约于9月底截止)意味BIL(按100%权益计)估值至少25亿欧元(约225亿港元)，较该行最新估值约218亿港元(按2026年上半年末账面值0.9倍计算)高出约3%。BIL过去多年一直是联想控股稳定的盈利贡献来源;惟该行预期，受联想集团强劲增长动能带动，BIL于2027至2028财年对联想控股的盈利贡献将降至总纯利的10%至13%。

该行认为，此次潜在出售或为联想控股出售非核心投资、转型为更聚焦科技控股公司的第一步;若交易落实，有望收窄该行估计联想控股高达约75%的NAV折让。上述目标价按估计2027年NAV约76.81港元折让72%(较历史平均折让低出一个标准差)计算。

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