《大行報告》大摩:長實集團(01113.HK)收購及回購建議獲接納 料令每股股息至少增加至2.07元
長實集團(01113.HK)公布建議收購已於本月21日完成。股份回購要約接獲涉及合共4.11億股有效接納,相當於回購數目上限3.8億股的108.17%,應付代價逾190億元。
摩根士丹利發表報告,認為相關收購及回購建議獲接納,對於現有的獨立股東而言不會攤薄股權,但負債率會上升,涉總回購金額逾190億元,該行料上述計劃可令每股股息將至少增加至2.07港元(按年增長15%),意味著股息回報為4.2厘。
該行表示,予長實集團「與大市同步」投資評級及目標價50元。
長實集團於今年3月中曾公布,向李嘉誠基金會收購四項英國及荷蘭資產,涉170億元,將以每股51元發行逾3.33億股股份支付;長實執行董事兼副董事總經理葉德銓當時解釋由於發新股料將出現股份稀釋,為減少稀釋公司會作回購,同樣以51元價格回購股份。他指,是次交易資產,李嘉誠基金會保證今明兩年每年現金回報最少9.1億元,代表現金回報率為5.35%。公司會保證於今明兩年每年派發的股息總額,不低於去年的股息總額再加9.1億元,即料約不少於75億元。
長實集團於今年4月中再公布,根據股份回購要約將回購股數上限由3.33億股,提高至3.8億股,相當於總股本10.29%。要約價維持不變,仍為每股51元。倘獲全面接納,涉資193.8億元,將由集團現金資源撥付。
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