《大行报告》瑞银下调国泰(00293.HK)目标价至8.5元 评级「买入」
瑞银发表报告指,国泰(00293.HK)昨日(28日)公布建议发行67.4亿元於2026年到期、年利率2.75%的有担保可转换债券,初步转换价为每股转换股份8.57元,较上日收市价6.59元溢价30%。假设悉数转换,对现有股东有10%的稀释效应,最大股东太古(00019.HK)持股将由45%降至38%,国航(00753.HK)持股则由30%降至25%。
该行表示,国泰此举料是对近期有传港府将要求机组人员酒店检疫14日的预防性反应,集团指若执行有关措施,将使其现金消耗每月增加3亿至4亿元,目前载客量将减少60%,及货运量减少25%。
瑞银估计,计及截至去年10月的330亿元流动性,国泰现时可用资金为350亿元。假设现金消耗每月增加3亿至4亿元,加上早前指引的每月10亿至15亿元,目前的流动性应足以应付集团18至19个月或至明年底的运营。
瑞银下调国泰股份目标价,由9.4元降至8.5元,以反映股份稀释的影响。该行继续相信集团有良好定位迎接周期性复苏,维持「买入」投资评级。
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