穆迪:長實(01113.HK)向李嘉誠基金會收購基建資產對信貸評級影響有限
穆迪發表的報告指,長實集團(01113.HK)於3月18日宣布向李嘉誠基金會收購歐洲基建資產10%-20%的權益,涉資約170億元,並將發行3.33億股支付,每股作價51元,之後公司將進行股份回購計劃,完成後效果類似公司以170億元現金購入相關基建資產。
該行估計交易對公司信貸評級影響有限,截至去年底公司現金水平達595億元,加上槓桿水平較低,估計有足夠現金應付所需的170億元,另外交易涉及英國及荷蘭的高質素公用資產,料可帶來額外而穩定的可持續收入。
該行認為交易執行風險較低,因為收購將增加長實於既有資產的權益(除英國電網外),同時毋須經過競投過程。考慮回購涉及流出170億元現金,估計長實經調整債務及淨資本比例將在未來12-18個月由14%升至16-18%左右,比例仍處A2評級分類中。
另一方面,該行認為四項資產帶來的額外現金流可為股東於未來兩年帶來現金股息的貢獻,李嘉誠基金會亦承諾現金分派不少於9.1億元。
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