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2026-09-21 13:44:04 Citi published a research report stating that LEGENDHOLDING (03396.HK) is reportedly seeking to sell about a 90% stake in Luxembourg private bank Banque Internationale a Luxembourg (BIL), which currently accounts for about 9% of the broker's estimated net asset value (NAV) for LEGENDHOLDING. The broker noted that, according to reports, preliminary bids (with a deadline around the end of Sep) imply a valuation of at least EUR2.5 billion for BIL (on a 100% equity basis), about 3% higher than the broker's latest valuation of about HKD22.8 billion (based on 0.9x book value as of the end of 1H26). BIL has been a stable earnings contributor to LEGENDHOLDING over the years. However, the broker expects that, driven by the strong growth momentum of LENOVO GROUP (00992.HK), BIL's earnings contribution to LEGENDHOLDING will fall to 10% to 13% of total net profit in FY2027 to FY2028. The broker believes the potential disposal could mark the first step for LEGENDHOLDING to divest non-core investments and transform into a more technology-focused holding company. If the transaction materializes, it may help narrow the broker's estimated NAV discount of as much as about 75% for LEGENDHOLDING. The broker gave LEGENDHOLDING a Buy rating with a TP of HKD21.5, based on a 72% discount to estimated 2027 NAV of about HKD76.81 (one standard deviation below the historical average discount). (da/ad)~ AASTOCKS Financial News Website: www.aastocks.com 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. | |