《大行報告》瑞銀下調國泰(00293.HK)目標價至8.5元 評級「買入」
瑞銀發表報告指,國泰(00293.HK)昨日(28日)公布建議發行67.4億元於2026年到期、年利率2.75%的有擔保可轉換債券,初步轉換價為每股轉換股份8.57元,較上日收市價6.59元溢價30%。假設悉數轉換,對現有股東有10%的稀釋效應,最大股東太古(00019.HK)持股將由45%降至38%,國航(00753.HK)持股則由30%降至25%。
該行表示,國泰此舉料是對近期有傳港府將要求機組人員酒店檢疫14日的預防性反應,集團指若執行有關措施,將使其現金消耗每月增加3億至4億元,目前載客量將減少60%,及貨運量減少25%。
瑞銀估計,計及截至去年10月的330億元流動性,國泰現時可用資金為350億元。假設現金消耗每月增加3億至4億元,加上早前指引的每月10億至15億元,目前的流動性應足以應付集團18至19個月或至明年底的運營。
瑞銀下調國泰股份目標價,由9.4元降至8.5元,以反映股份稀釋的影響。該行繼續相信集團有良好定位迎接周期性復甦,維持「買入」投資評級。
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