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《大行報告》傑富瑞:騰訊(00700.HK)進行回購及派特別息 顯全方位審視回饋股東
騰訊(00700.HK)公佈以實物分派京東集團(09618.HK)之A類普通股約4.57億股之方式宣派中期股息,按合資格股東持有每21股股份獲發1股京東集團A類普通股的基準。傑富瑞發表報告表示,騰訊以實物分派京東集團4.57億股A類普通股後,分配後,騰訊對京東持股比例約爲2.3%。該行認爲,騰訊已經對通過股份回購或派息回報股東的價值進行了全方位審視,而公司與京東的戰略合作沒有變化。 傑富瑞表示,騰訊以綜合方式回報股東,公司在審視了股份回購和派息等不同方式,爲股東帶來價值。股息支付可以是現金或實物形式,後者來自其投資組合,取決於其投資實體的業務表現。騰訊投資的實體可能處於早期發展階段,後期將展示自籌資金能力。 該行指,騰訊今次派息以特別中期股息的形式派發,而不是常規股息。京東在過去幾年表現出其穩健的執行力,自2014年以來基本面持續改善,尤其是GMV、收入、盈利能力和現金流的健康增長。該行認爲,騰訊綜合考慮了主體的經營業績,在今次派息後,該行料騰訊將不再對京東進行股權提取。 傑富瑞維持對騰訊「買入」評級及目標價628元。(wl/a) ~
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