惠譽:順豐獲批A股定增可抵銷收購嘉裏物流之影響
惠譽評級表示,順豐控股(002352.SZ)完成對嘉裏物流(00636.HK)的部分要約收購後,槓桿率將上升,但該公司擬操作非公開發行A股股票,將足以抵銷交易帶來的影響,順豐目前已被置於負面評級觀察狀態,惠譽將在順豐完成定增、財務狀況明朗後,解除其評級觀察狀態。
惠譽指,順豐的擬議A股定增集資額多達200億元人民幣,高於該公司176億港元(摺合約146億元人民幣)收購嘉裏物流51.5%股權應付的對價。惠譽預期,順豐將於今年年底前完成定增,以避免該機構在9月27日公司完成收購後對其採取負面評級行動。
惠譽估計,若將收購後嘉裏物流的剩餘業務納入順豐截至今年6月的12個月的營收,新業務對該公司的備考營收貢獻將增至約47%,高於財務披露的30%的貢獻率。惠譽認爲,順豐和嘉裏物流的盈利能力相似,且嘉裏物流的自由現金流歷來爲正,因此預期收購嘉裏物流具有增值作用且有助順豐於去槓桿。
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