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《大行报告》花旗:会德丰(00020.HK)获提私有化 料最利淡九仓(00004.HK)
阿思达克 02-28 14:26
花旗发表研究报告,指吴光正家族提议将会德丰(00020.HK)私有化,提案涉及就股东持有每股股份向股东分派1股九龙仓置业(01997.HK)及1股九龙仓集团(00004.HK)股份;及以现金每股12元代价向股东支付款项。私有化建议相等於每股71.9元,较会德丰停牌前溢价52%,进行私有化的总现金对价为81.5亿元。该行提到,撇除少数股东可以获得九龙仓置业及九龙仓的股份,每位股东可获得每股12元的现金对价。在会德丰的资产负债表中,若不包括九龙仓置业及九龙仓的资产,则香港物业资产的账面价值为每股10.3元。因此,要约价较物业资产的账面价值减去会德丰持有的负债溢价17%,认为以1.17倍账面价值进行收购似乎合理,并可能会被大多数少数股东接受,相信能够达成私有化的机会很高。若果私有化计划成功,吴光正家族将会直接拥有九龙仓置业45.9%权益,并持有九龙仓50.2%权益,以及拥有香港330万平方米的未出售建筑面积土地储备,包括位於启德、长沙湾、观塘及将军澳的项目。该行估计,吴光正家族随後可以将这些香港物业资产以账面价格出售予九龙仓,以便将现金循环到吴光正家族以进行私有化。该行又预计,九龙仓将会成为香港及内地物业发展的分支,而潜在的交易可由九龙仓的逾400亿元股票投资组合提供资金。花旗提到,此举对九龙仓最为不利,市场长久以来都预期九龙仓是私有化的目标,因此相信很多事件驱动型基金对私有化目标实际上是会德丰感到失望。该行认为九龙仓的股价将会受压,这是基於九龙仓在短期内会被私有化的可能性大大降低,以及预期九龙仓将会买入会德丰的香港资产,令现金储备潜在大幅下降,进一步减低九龙仓私有化的可能性。
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