《大行報告》瑞銀料招商局港口(00144.HK)潛在獲母企提私有化機會非常低
就《彭博通訊社》近日引述消息指招商局集團考慮私有化招商局港口(00144.HK),招商局港口其後澄目前並不知悉有關媒體推測之任何相關資料,亦無任何應披露但尚未披露之資料。瑞銀發表報告認為,招商局集團目前對招商局港口進行私有化的機會非常低,雖然招商局港口目前估值低廉。
該行嘗試從不同情境的假設,了解招商局港口潛在獲私有化的方法及可能性。第一個情境假設是招商局集團主導私有化,假設招商局集團收購本港上市的招商局港口的所有資產,資產包括深圳西部碼頭、上港集團(600018.SH)等,料收購會對在A股上市招商港口(001872.SZ)(招商港口亦持有本港上市的招商局港口40.91%股權)帶來同業競爭,若私有化同時包括在A股上市招商港口、及本港上市的招商局港口,相信會令招商局集團失去相關業務的上市平台,未來或難以擴展及收購海外港口。
第二個情境假設是A股上市的招商港口對本港上市的招商局港口進行私有化,由於招商港口目前估值相當2019年賬面值0.7倍,相信難以透過股本融資向招商局港口以進行私有化,因中國政府要求私有化交易作價需達賬面值最少1倍。而瑞銀維持對本港上市的招商局港口「買入」評級及目標價14.3元。
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