《复牌表现》国泰(00293.HK)获港府出手拯救及建议供股 惟股价挑战牛熊线失败仅弹逾1%
新冠肺炎疫情大流行重创挫全球航空业，导致行业陷入寒冬，部分航空公司更需要当地政府出手拯救才可继续营运，本港最大航空公司国泰航空(00293.HK)最终也难逃向港府求救厄运，寻求巨额财政支援兼建议供股避免倒闭。不过，大和及瑞信分别降国泰评级至「沽售」及「跑输大市」，目标价分别降至6.5元及7.1元，分别反映供股摊薄效应及因应香港旅游限制和温和复苏速度下调盈测。
该股今早复牌大裂口高开18.7%报10.46元逾三个月高欠承接，未能企稳牛熊线(10.1元)，曾几乎打回原形低见8.85元，半日收8.93元，仅回升1.4%，成交激增至5,177万股，近几年罕见，涉资4.8亿元。母企太古(00019.HK)复牌反覆重越50天线(48.03元)，最高见49.75元，半日收47.5元，续升1.4%，成交增至539万股。花旗重申太古「买入」评级，认为国泰落实资本重组计划可消除主要忧虑因素，目标价降至70元，以反映下调其未来三年盈测。
国泰公布390亿元(超过国泰约350亿元市值)资本重组建议，包括向港府旗下土地基金Aviation 2020发行195亿元优先股及发行19.5亿认股权证(行使价4.68元)，并要求78亿元(息率为本港同业拆息加1.5%)过度贷款融资。同时，建议以每股4.68元(较停牌前折让近47%)进行「11供7」，集资117亿元。在国泰资本重组建议完成後，包括供股及认股权全部转股，届时港府将持有国泰6.08%股权，太古及国航(00753.HK)於国泰持股将分别由45%及29.99%，降至42.26%及28.17%，卡塔尔航空於国泰持股由9.99%，降至9.38%。同时，太古已向港府承诺未来将继续成为国泰控股股东。国泰将於下月13日召开股东特别大会，就融资议案进行表决。太古、国航及卡塔尔航空三大股东已承诺参与供股。
国泰主席贺以礼表示，集团今年初不受限制现金约200亿元，但2月起每月亏损25-30亿元，若没有是次资本重组计划，国泰将很快用尽现金，面临倒闭风险。他又指，国泰将采取新一轮高层减薪(减幅介乎15%-30%)及第二轮员工自愿性无薪假计划，未来6个月，员工将会再放三周无薪假(相当於减薪11%)。集团将於未来数月评估营运模式及前景，并於末季公布相关建议。
财政司司长陈茂波强调，是次港府透过外汇基金旗下土地基金向国泰投资273亿元，并不是入主国泰，港府无意长期持股，也不会参与日常营运。今次出手拯救国泰，目的旨在希望维持香港航空枢纽地位，因为若国泰倒闭，本港另一间航空公司规模较小，无法填补空缺，一旦国泰持有股权拱手让人，对本港未必有利。他又指，今次属於中期投资，相信国泰於疫情过去及业绩改善後，预计至少要三几年才能向港府还款。不过，由於港府认购优先股首3年股息为3%，其後按年递增至5%、7%及9%，意味着国泰越迟向港府赎回股份，要支付股息越高，所以希望国泰能尽快向港府还款。
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