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《大行报告》高盛料长和(00001.HK)若出售铁塔资产 现金流或作减债、派息或股份回购
阿思达克 11-03 14:44
高盛发表的研究报告指,10月初报道指3英国计划出售铁塔资产,以募资与英国电讯商潜在合并,而10月尾亦有媒体报道指Cellnex正与长和(00001.HK)洽购欧洲铁塔资产,涉资90亿欧元,该行不估计交易的可能性,但认为有相关报道或反映集团正研究潜在的可能性。该行引述集团在8月份的中期业绩会议指,公司已获得所有的批核并已完成长和网络(CKHN)的架构分隔等,并将由不同的管理团队负责,意味长和网络已预备好透过不同方式解锁其价值及变现资产。

该行指出长和的派息政策是维持31%派息比率,而管理层之前亦曾提出假如出售资产或会考虑改善回报,包括是派特别息或回购等,另外又估计出售铁塔资产所得或有机会用於减债,因为集团早前曾提及目标净负债可降至20%左右的水平。

该行指出,集团有机会将出售所得用於潜在的并购,因为早前3英国与O2合并被欧盟拒绝後上诉成功,而早前亦有传媒报道指3英国有意与其他英国的营运商合并,现时公司在当地流动市场EBITDA占约11%,而Vodafone、O2及EE则分别占21%、31%及37%,如3英国要与他们合并将需要用到现金,或以联营形式去做。该行假设3英国会收购其中一家电讯商,料将需要用51-123亿英镑,而该行的分析反映长和无足够的资源同时进行并购及将负债比率降至20%。

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