順豐控股收購嘉裏物流（0636.HK） 提供兑現價值的良機
順豐控股(002352.SZ)通過全資子公司Flourish Harmony發出自願性現金部分要約，收購嘉裏物流聯網有限公司(0636.HK)51.5%的股份，要約期已經開始，9月2日截止。
根據要約，每股部分要約價格為18.80港元，此外還有特別股息每股7.28港元，總計26.08港元。要看該價格對於股東來説是否“划算”，不妨比較一番。
首先，相較嘉裏物流截至交易公吿前最後交易日（2021年2月4日）的連續30個交易日在港交所的平均收盤價，該收購價溢價約56.22%；翻閲收購公吿發布前各大投行給嘉裏物流的目標價，會發現收購價更是比平均目標價高了64%；根據嘉裏物流2020年調整後淨利潤，收購價的隱含市盈率是27.28倍，顯著高於同業。不難發現，該價格從多個維度來説都是極具吸引力的，給股東提供了將股票價值兑換為現金的良機。
如果交易成功，不僅股東的投資得到豐厚回報，順豐控股和嘉裏物流也可以通過優勢互補來創造更高的價值。順豐控股是中國領先的綜合快遞物流服務提供商，擁有中國最大的貨運機隊和覆蓋廣泛的地面服務網絡，以及行業領先的供應鏈管理技術。嘉裏物流擁有覆蓋60個國家和地區的全球網絡，在世界一半的新興市場都有成熟和穩定的業務。兩家公司在重點區域、能力等方面高度互補，嘉裏物流的國際貨運業務有助於順豐的國際化，而順豐控股可以為嘉裏物流打開進入中國市場的門户，提升在中國的認可度並擴大影響力。
反觀如果交易未完成，股東也需要考慮隨之而來的風險。最為直接的影響就是每股7.28港元的特別股息將不會發放，對嘉裏物流股價的打擊也可以預見。自嘉裏物流於2013年12月上市以來，股價長期徘徊於9-15港元之間，即便新冠疫情後物流需求劇增、許多物流股大漲，嘉裏物流股價亦從未突破18元。近幾個月支撐嘉裏物流股價的主要因素就是順豐控股的部分要約，如果交易失敗，嘉裏物流股價下跌是大概率事件，回到18元以下亦很有可能，股東難免蒙受巨大損失。
根據綜合文件，為方便股東查詢，這次的部分要約收購特別設置了電話熱線：中國香港(852) 6769 8028、(852) 6738 2393、(852) 3468 8874、(852) 3468 8641及中國大陸(86) 155 0758 1725、(86) 198 0107 9390，還設置了電郵investorinfo@everbloom.com.cn供股東查詢，於工作日9:30至19:00提供服務。
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