<p>花旗发布了一份研究报告，指出长和（00001.HK）+0.850 (+1.213%) 空头头寸为 2.3214 亿美元；比例为 18.777% ，宣布以 43 亿英镑（约合 455 亿港元）现金出售其在英国电信合资企业 VodafoneThree 中 49% 的股份给沃达丰。该券商认为，此次处置对长和而言是一个增值交易，并预计管理层将继续寻求机会以释放价值，这将有助于缩小该股票当前约 58% 的显著净资产折价。</p>
<p>长和预计在交易完成后将录得约 47 亿港元的税后收益。花旗指出，处置价格较其对 VodafoneThree 的估值（约 417 亿港元）溢价约 9%，并且比长和截至 2025 年底的净投资（约 401 亿港元）高出约 13%。该券商预计交易最早将在 2026 年底完成。</p>
<p>因此，花旗将长和的目标价从 78 港元上调至 81.5 港元，并维持买入评级。（ad/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-06 16:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>

长和

沃达丰集团

<p>花旗的研究报告指出，长和以 43 亿英镑（约合 455 亿港元）将其在英国电信合资企业 VodafoneThree 中 49% 的股份出售给沃达丰。该交易被认为具有增值效应，预计税后收益为 47 亿港元。花旗将长和的目标价从 78 港元上调至 81.5 港元，维持 “买入” 评级，因为出售价格比其对 VodafoneThree 的估值高出 9%，且比长和截至 2025 年底的净投资高出 13%</p>

<p>Citi published a research report stating that CKH HOLDINGS (00001.HK) +0.850 (+1.213%)  Short selling $232.14M; Ratio 18.777%  announced the sale of its 49% stake in UK telecom joint venture VodafoneThree to Vodafone for a cash consideration of GBP4.3 billion (approximately HKD45.5 billion). The broker believes the disposal is a value-accretive transaction for CKH HOLDINGS and expects management to continue seeking opportunities to unlock value, which should help narrow the stocks current significant NAV discount of about 58%.</p>
<div class="lb-trans"><p>花旗发布了一份研究报告，指出长和（00001.HK）+0.850 (+1.213%) 空头头寸为 2.3214 亿美元；比例为 18.777% ，宣布以 43 亿英镑（约合 455 亿港元）现金出售其在英国电信合资企业 VodafoneThree 中 49% 的股份给沃达丰。该券商认为，此次处置对长和而言是一个增值交易，并预计管理层将继续寻求机会以释放价值，这将有助于缩小该股票当前约 58% 的显著净资产折价。</p>
</div><p>CKH HOLDINGS expects to record an estimated post-tax gain of approximately HKD4.7 billion upon completion of the transaction. Citi noted that the disposal price represents a premium of about 9% to its valuation of VodafoneThree (approximately HKD41.7 billion), and is around 13% higher than CKH HOLDINGS net investment as of end-2025 (approximately HKD40.1 billion). The broker expects the transaction to be completed as early as end-2026.</p>
<div class="lb-trans"><p>长和预计在交易完成后将录得约 47 亿港元的税后收益。花旗指出，处置价格较其对 VodafoneThree 的估值（约 417 亿港元）溢价约 9%，并且比长和截至 2025 年底的净投资（约 401 亿港元）高出约 13%。该券商预计交易最早将在 2026 年底完成。</p>
</div><p>Citi accordingly raised its TP on CKH HOLDINGS from HKD78 to HKD81.5 and maintained its Buy rating. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-06 16:25.)</p>
<div class="lb-trans"><p>因此，花旗将长和的目标价从 78 港元上调至 81.5 港元，并维持买入评级。（ad/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026-05-06 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用此翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

Citi: CKH HOLDINGS  Sale of UK Telecom JV Stake Is Value-Accretive, Raises TP to HKD81.5

花旗银行表示，长和出售其在英国电信合资公司的股份具有增值效应，并将目标价上调至 81.5 港元