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《大行報告》高盛料長和(00001.HK)若出售鐵塔資產 現金流或作減債、派息或股份回購
阿思達克 11-03 14:44
高盛發表的研究報告指,10月初報道指3英國計劃出售鐵塔資產,以募資與英國電訊商潛在合併,而10月尾亦有媒體報道指Cellnex正與長和(00001.HK)洽購歐洲鐵塔資產,涉資90億歐元,該行不估計交易的可能性,但認為有相關報道或反映集團正研究潛在的可能性。該行引述集團在8月份的中期業績會議指,公司已獲得所有的批核並已完成長和網絡(CKHN)的架構分隔等,並將由不同的管理團隊負責,意味長和網絡已預備好透過不同方式解鎖其價值及變現資產。

該行指出長和的派息政策是維持31%派息比率,而管理層之前亦曾提出假如出售資產或會考慮改善回報,包括是派特別息或回購等,另外又估計出售鐵塔資產所得或有機會用於減債,因為集團早前曾提及目標淨負債可降至20%左右的水平。

該行指出,集團有機會將出售所得用於潛在的併購,因為早前3英國與O2合併被歐盟拒絕後上訴成功,而早前亦有傳媒報道指3英國有意與其他英國的營運商合併,現時公司在當地流動市場EBITDA佔約11%,而Vodafone、O2及EE則分別佔21%、31%及37%,如3英國要與他們合併將需要用到現金,或以聯營形式去做。該行假設3英國會收購其中一家電訊商,料將需要用51-123億英鎊,而該行的分析反映長和無足夠的資源同時進行併購及將負債比率降至20%。

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