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海通國際料會德豐(00020.HK)私有化九倉(00004.HK)機會最高 涉230億元
阿思達克 02-25 10:15
海通國際發表報告,就會德豐(00020.HK)、九龍倉置業(01997.HK)及九倉(00004.HK)昨早停牌,該行估計系內會對九倉進行私有化,而非會德豐及九龍倉置業,料會德豐若對九倉進行私有化,料涉資230億元,僅令會德豐的淨負債比率由2019年6月的25%,升至30%仍屬健康水平;該行料會德豐私有化九倉可解決系內公司利益衝突的問題,相信會德豐可注專本港及內地物業發展,及內地投資性物業,同時亦可關注本港投資性物業業務。 該行指,不預期系內私有化九龍倉置業,因私有化成本高達520億元,若選擇私有化九龍倉置業並不能疏理系內利益衝突的問題,因九倉及會德豐均從事本港物業發展業務。該行亦不預期系內對會德豐進行私有化,因大股東吳氏家族(前主席)需斥資980億元,涉及此龐大金額相信進行難度較高,而且私有化會德豐後,會德豐變成吳氏家族的私人業務,會與九倉進行直接性的競爭。 海通國際估計,會德豐對九倉進行私有化預測合理,因兩公司均從事本港物業發展及內地投資性物業業務。該行指會關注會德豐系內公布,維持對會德豐「中性」投資評級及目標價59.5元,較每股資產淨值132.2元折讓55%。
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