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邱俊瑜先生 (Porter Yau)
經理

主要按基本因素選股,但有時也會參考圖表、技術分析。除股票外,亦經常研究期權 。歡迎來電賜教或交流心得。
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尋找價值—博12月宣布派特別股息

Monday, December 18, 2017 Views6808

今年8月,和電香港(00215.HK) 以近145億元(相當每股3元)出售固網電訊業務的HGC全部股權,作價相當企業價值對EBITDA的11倍,優於市場預期。由於當時無進一步商討坐擁大量現金的用途,股價由出消息當日創出新高價$3.22後無力為繼,慢慢回落!近期又開始有異動,原因很可能係董事會會在今年12月商討是否派發特別息!


只剩下流動流動通訊服務的和記香港(00215.HK),2017年上半年EBIT約2.4億港元,全年估計大約可達4.8億元。如果將現金全數還債(48億),每年可減少約1億元的利息開支。換言之,新的EBIT將達3.5億元。如果給10陪PE計,估值有35億,但還有超過100億的現金,及超過15億的固定資產(扣除商譽)。即合理值最少有150億元!(未計現金可收息)

以另一個角度看,固網業務可賣145億元,以超過現有的市值,只要和記香港將現金派出或進一步賣資產。這都可以大大釋放被低估的市值。
建議:買入博派特別息,如股價低過合理值的10%,即每股$2.8即買!目標價暫定$3.2

風險: 公司流動通訊業務轉差
公司投資其他低端業務
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