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旭輝(00884.HK)曾反彈6.6%觸及10天線 摩通對供股感驚訝但重申「增持」評級
阿思達克 11-10 14:10
旭輝(00884.HK)建議溢價供股,摩通對此感到驚訝,認爲旭輝近期風險並不令人擔憂,又指大股東已承諾認購,攤薄幅度不算太大,重申其「增持」評級。該股今天由約廿個月低位回升,最多反彈6.6%高見4.21元(剛爲10天線),現報4.1元,回升3.8%,成交增至2,158萬股,涉資8,820萬元。 旭輝建議以每股4元(較昨天收市價溢價近1.3%)20供1,涉發行4.18億股,集資最多約16.73億元,擬用作額外資金儲備以把握內地房地產開發商機等。持有公司53.01%權益股東除承諾供股外,公司主席兼執董林中家族有意額外供股,若無公衆股東參與,供股完成後,他們持股比例將增至超過五成六。 摩通對旭輝宣佈溢價供股感到驚訝。報告指雖然市場可能將供股解讀爲開發商面臨流動性緊張證據,但認爲旭輝近期風險並不令人擔憂,估計調整後短期債務現金覆蓋率仍大於1倍,足以應對明年到期53億元人民幣境外債券。雖然供股令股權攤薄或影響短期股價疲軟,但與其他開發商配股相比,旭輝條款實際上並不算太差,加上大股東已承諾認購,攤薄幅度也不算太大,預期對2022-2023年核心每股盈利攤薄約5%。因此,該行重申旭輝「增持」評級,目標價由6.7元下調至5.5元。
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