长江基建集团：出售UKPN增厚现金储备-20260227

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 79.47 [7][5]. Core Insights - The sale of UKPN is expected to enhance cash reserves significantly, allowing the company to strengthen its global expansion and acquisition capabilities [1][3]. - The company anticipates a one-time gain of HKD 145 billion from the sale, which will help offset a projected annual profit gap of approximately HKD 4 billion due to the loss of UKPN's contribution to net profit [2][5]. - The company is expected to transition to a net cash position of HKD 283 billion after the cash inflow from the sale, which will support future investments and acquisitions [3][5]. Financial Projections - The company forecasts net profits of HKD 81.2 billion, HKD 87.9 billion, and HKD 92.9 billion for the years 2025 to 2027, respectively, with an estimated EPS of HKD 3.49 for 2026 [5][11]. - The report highlights an expected increase in returns from regulated assets entering a new regulatory period in 2026, which is anticipated to support future earnings growth [4][5]. Valuation Metrics - The report assigns a price-to-book (PB) ratio of 1.60x for 2026, reflecting the company's strong risk resilience and growth potential following the cash reserve enhancement [5][11]. - Historical PB average is noted at 1.00x, indicating the company's robust business model and anticipated performance improvements [5][11].