穆迪:长实(01113.HK)向李嘉诚基金会收购基建资产对信贷评级影响有限
穆迪发表的报告指,长实集团(01113.HK)於3月18日宣布向李嘉诚基金会收购欧洲基建资产10%-20%的权益,涉资约170亿元,并将发行3.33亿股支付,每股作价51元,之後公司将进行股份回购计划,完成後效果类似公司以170亿元现金购入相关基建资产。
该行估计交易对公司信贷评级影响有限,截至去年底公司现金水平达595亿元,加上杠杆水平较低,估计有足够现金应付所需的170亿元,另外交易涉及英国及荷兰的高质素公用资产,料可带来额外而稳定的可持续收入。
该行认为交易执行风险较低,因为收购将增加长实於既有资产的权益(除英国电网外),同时毋须经过竞投过程。考虑回购涉及流出170亿元现金,估计长实经调整债务及净资本比例将在未来12-18个月由14%升至16-18%左右,比例仍处A2评级分类中。
另一方面,该行认为四项资产带来的额外现金流可为股东於未来两年带来现金股息的贡献,李嘉诚基金会亦承诺现金分派不少於9.1亿元。
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