亞信科技(01675.HK)：與強大夥伴進行合作，維持“增持”評級，目標價11.66港元
機構：銀河證券
評級：增持
目標價：11.66港元
向中國移動發行新股。亞信科技於4月14日收市後宣佈，將以每股7.6港元向中國移動[0941.HK]發行182,259,893股新股，公司就此舉行了電話會議。該批新股佔現有已發行股份總數的 25.0％。交易完成後，中國移動將持有亞信科技 20％股份，成為第二大股東。認購事項的所得款項淨額約13.841 億港元。每股認購價 7.6 港元，較 4 月 14 日收盤價 10.5 港元折讓 27.6％。所得款項淨額的用途為：a）40％將用於對新產品及新技術研發投入，以及 OSS、數字化運營、垂直行業及企業上雲業務拓展；b）約 35％將用於投資或收購與業務互補並配合發展戰略的資產及業務；c）25％將用作一般營運資金。公司將於股東特別大會上向股東尋求特別授權，以配發和發行新股。
一些投資者或對該交易感憂慮。公司以較大折讓發行新股或會引起一些現有股東的憂慮，尤其是考慮到公司財務狀況良好，並且沒有迫切資金需求。公告發布公告後，股價維持堅挺。我們認為上述憂慮已被部分反映，而投資者亦瞭解到該交易將產生協同效應。我們認為，引入中國移動作為主要股東可證明亞信科技的能力和戰略價值。交易完成後，據我們的估計，亞信科技的手頭現金淨額將超過30 億人民幣。鑑於宏觀經濟不確定性持續增加，公司較強的財務狀況將有助其面對艱難市況。
與中電信和聯通的業務來往將繼續進行。我們認為，鑑於亞信科技的往績和能力，在中國移動認購亞信科技的大量股份後，公司與中國電信和中國聯通的業務來往不會發生重大變化。考慮到亞信科技的領先市場地位，若中國電信和中國聯通切換服務商，成本將較高。
計入攤薄的影響。我們將目標價從 12.81 港元下調至 11.66 港元，以計入發行新股的攤薄影響。預計該交易將在 2020 年 6 月底前完成。目標市盈率維持 15 倍不變。維持「增持」評級。
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