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首程控股(00697.HK)完全剝離焦煤業務 攬巨資做停車和基礎設施
格隆匯 01-15 21:38

首程控股(00697.HK)於2021年1月15日收市後發佈建議重組公吿,全資附屬公司擬將持有首鋼資源(00639.HK)的全部股權進行出售,出售價格為每股2.4港元,較當前市場價格溢價近30%,總對價約為35.14億港元,並將全部以現金收取對價。

中國停車第一股首程控股自2016年起邁上轉型之路,先後將包括鐵礦石貿易在內的多項傳統業務及資產進行剝離,此次如能順利完成對聯營公司首鋼資源的股權出售,首程控股將徹底完成傳統業務的剝離,從而全面聚焦停車和城市更新業務。

本次交易將為首程控股帶來35億港元之巨的現金,在目前全球疫情蔓延、經濟形勢難言觸底的背景下,公司將擁有大體量的現金儲備,足以應對極端風險和系統性風險。

首程控股轉型停車和城市更新業務後,主營業務快速擴張引致公司業績捷報頻傳。雖然本次出售預計將為公司帶來一次性的非經常性損失約13.7億港元,但此類不涉及現金損失的非經常性損益並不會對公司股價帶來負面衝擊。相反,在如此惡劣的大環境下,35億港元的對價更顯彌足珍貴,若首程控股能利用好這筆現金,加速擴大業務規模,繼續拉開與同業競爭對手的差距,相信將更加獲得市場的青睞。

此外,完成本次出售後,首程控股的業務佈局進一步聚焦,未來發展路徑極為清晰。相較於綜合型業務的上市公司,資本市場特別是香港市場更加傾向於業務單一、路徑清晰的上市公司,在估值方面,通常對綜合型業務上市公司給予所謂"多元化折扣"。發展路徑更加明確的首程控股,也將會因"戰線收縮"而在現有估值基礎上獲得提升。

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