据分析师称，在电信部门 Jio Platforms Ltd. 上市后，Reliance Industries Ltd. 可能为投资者提供一种以更低成本持有其股份的方式，因为母公司股价反映出大幅折价。
Industries Ltd. may offer investors a cheaper way to own Jio Platforms Ltd. after the telecom unit lists, with analysts saying the parent company’s shares reflect a substantial discount.
独立研究公司 Beat The Street 联合创始人 Nimish Maheshwari 表示，Reliance 的股价暗示其持有的三分之二 Jio 股份存在约 36% 的折价。他认为约 25% 的折价是可持续的，这与市场对电信竞争对手 Bharti Airtel Ltd. 所持上市子公司股份的估值方式一致。
Reliance’s share price implies a roughly 36% discount on its two-thirds stake in Jio, according to Nimish Maheshwari, co-founder of independent research firm Beat The Street. He sees about 25% as sustainable, in line with how the market values telecom rival Bharti Airtel Ltd.’s holdings in its listed subsidiaries.
此类折价在母公司中很常见，因为其股东只能间接接触其所拥有的业务。一旦子公司上市，投资者便可直接购买其股份。
Such discounts are common for parent companies because their shareholders only get indirect exposure to the businesses they own. Once a subsidiary lists, investors can simply buy its shares directly.
Change Global Investment 董事总经理 Thea Jamison 表示，虽然这些折价可能高达 50%，但此处并无强有力的技术或基本面理由支撑如此陡峭的折价。“此外，Reliance Industries 未来如何选择变现其在 Jio Platforms 的股份，可能成为股东的另一重要价值创造来源。”
While these discounts could go as high as 50%, there’s no strong technical or fundamental justification for such a steep discount here, said Thea Jamison, managing director at Change Global Investment. “Moreover, how Reliance Industries chooses to monetize its stake in Jio Platforms going forward could be another significant source of value creation for shareholders.”
彭博新闻报道称，Jio 可能最早于本月进行首次公开募股（IPO），目标估值约为 11 万亿卢比（约 1140 亿美元）。据彭博测算，这将使 Reliance 的股份价值约 7.3 万亿卢比，相当于母公司当前市值的约 45%。
Jio may seek a valuation of about 11 trillion rupees ($114 billion) in an initial public offering as soon as this month, Bloomberg News reported. That would value Reliance’s stake at about 7.3 trillion rupees, equivalent to about 45% of the parent’s current market value, according to Bloomberg calculations.
然而，包括 Motilal Oswal、Yes Securities 和 Nuvama 在内的券商将该股份价值估算为每股 Reliance 股份 331 至 450 卢比，暗示其占母公司股价的比重约为 27% 至 37%。
Yet brokerages including Motilal Oswal, Yes Securities and Nuvama value the stake at 331 to 450 rupees per Reliance share, implying it accounts for around 27% to 37% of the parent’s share price.
今年信实工业股价下跌了23%，而基准指标Nifty 50指数下跌了14%，原因是油价上涨、全球债券收益率走高和卢比贬值拖累了印度股市。这家由亿万富翁穆克什·安巴尼控制的企业集团，因其业务涵盖能源、消费支出和资本密集型行业，特别容易受到这些压力的影响。
Reliance shares have fallen 23% this year, compared with a 14% decline in the benchmark Nifty 50 Index, as higher oil prices, elevated global bond yields and a weaker rupee weigh on Indian equities. The conglomerate controlled by billionaire Mukesh Ambani is particularly exposed to those pressures with its businesses spanning energy, consumer spending and capital-intensive sectors.
信实工业股东因控股公司折价缩窄而获得的潜在上涨空间，将取决于Jio上市后的交易表现。
The potential upside for Reliance shareholders from any narrowing of the discount will depend on how Jio trades after its debut.
“关键催化剂将是透明的价格发现，而非即时变现，”马赫什瓦里表示。“Jio Platforms在公开市场上的更高估值将增加RIL持股的显性价值，进而有助于缩窄控股公司折价。”
“The key trigger would be transparent price discovery rather than immediate monetisation,” Maheshwari said. “A higher public-market valuation for Jio Platforms would increase the visible value of RIL’s holding and could, in turn, help narrow the holding-company discount.”
Equinomics Research创始人Chokkalingam G表示，Jio估值的更清晰剥离也将使投资者更容易评估信实工业的其余业务。他预计上市将有助于推动重新评级，因为投资者开始更清晰地对信实工业的基础业务进行估值。
A clearer separation of Jio’s valuation would also make Reliance’s remaining businesses easier for investors to assess, said Chokkalingam G, founder of Equinomics Research. He expects the listing to help drive a rerating as investors begin valuing Reliance’s underlying businesses more distinctly.