《復牌表現》國泰(00293.HK)獲港府出手拯救及建議供股 惟股價挑戰牛熊線失敗僅彈逾1%
新冠肺炎疫情大流行重創挫全球航空業，導致行業陷入寒冬，部分航空公司更需要當地政府出手拯救才可繼續營運，本港最大航空公司國泰航空(00293.HK)最終也難逃向港府求救厄運，尋求巨額財政支援兼建議供股避免倒閉。不過，大和及瑞信分別降國泰評級至「沽售」及「跑輸大市」，目標價分別降至6.5元及7.1元，分別反映供股攤薄效應及因應香港旅遊限制和溫和復甦速度下調盈測。
該股今早復牌大裂口高開18.7%報10.46元逾三個月高欠承接，未能企穩牛熊線(10.1元)，曾幾乎打回原形低見8.85元，半日收8.93元，僅回升1.4%，成交激增至5,177萬股，近幾年罕見，涉資4.8億元。母企太古(00019.HK)復牌反覆重越50天線(48.03元)，最高見49.75元，半日收47.5元，續升1.4%，成交增至539萬股。花旗重申太古「買入」評級，認為國泰落實資本重組計劃可消除主要憂慮因素，目標價降至70元，以反映下調其未來三年盈測。
國泰公布390億元(超過國泰約350億元市值)資本重組建議，包括向港府旗下土地基金Aviation 2020發行195億元優先股及發行19.5億認股權證(行使價4.68元)，並要求78億元(息率為本港同業拆息加1.5%)過度貸款融資。同時，建議以每股4.68元(較停牌前折讓近47%)進行「11供7」，集資117億元。在國泰資本重組建議完成後，包括供股及認股權全部轉股，屆時港府將持有國泰6.08%股權，太古及國航(00753.HK)於國泰持股將分別由45%及29.99%，降至42.26%及28.17%，卡塔爾航空於國泰持股由9.99%，降至9.38%。同時，太古已向港府承諾未來將繼續成為國泰控股股東。國泰將於下月13日召開股東特別大會，就融資議案進行表決。太古、國航及卡塔爾航空三大股東已承諾參與供股。
國泰主席賀以禮表示，集團今年初不受限制現金約200億元，但2月起每月虧損25-30億元，若沒有是次資本重組計劃，國泰將很快用盡現金，面臨倒閉風險。他又指，國泰將採取新一輪高層減薪(減幅介乎15%-30%)及第二輪員工自願性無薪假計劃，未來6個月，員工將會再放三周無薪假(相當於減薪11%)。集團將於未來數月評估營運模式及前景，並於末季公布相關建議。
財政司司長陳茂波強調，是次港府透過外匯基金旗下土地基金向國泰投資273億元，並不是入主國泰，港府無意長期持股，也不會參與日常營運。今次出手拯救國泰，目的旨在希望維持香港航空樞紐地位，因為若國泰倒閉，本港另一間航空公司規模較小，無法填補空缺，一旦國泰持有股權拱手讓人，對本港未必有利。他又指，今次屬於中期投資，相信國泰於疫情過去及業績改善後，預計至少要三幾年才能向港府還款。不過，由於港府認購優先股首3年股息為3%，其後按年遞增至5%、7%及9%，意味著國泰越遲向港府贖回股份，要支付股息越高，所以希望國泰能盡快向港府還款。
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