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標普:聯想集團(00992.HK)擬購電盈部份ITS業務不影響其正面展望
電訊盈科(00008.HK)與聯想集團(00992.HK)戰略合作,向聯想出售部份ITS業務。標普表示,儘管收購將使聯想集團債務槓桿小幅上升,但其方案服務業務集團將從中受益,這可能緩解部分財務影響,該擬議收購目前對於因此具有中性信用影響。 標普估計,該交易報價中5.136億美元的現金部分可能使聯想集團截至2023年3月31日財年債務槓桿上升0.1-0.2倍至0.9-1.2倍,高於2022財年的約0.7倍,源於標普全球評級預估2022公曆年個人電腦出貨量將下降7%,因此EBITDA將小幅下降。 標普估計,該項收購將使聯想方案服務業務集團的收入(不含香港公共部門業務)增長約10%,且電訊盈科的新客戶和服務能力可能帶來協調效應,此外近三分之二方案業務是經常性的,使聯想集團現金流的穩定性增強。 標普認爲,如果聯想集團在整合收購業務與方案服務業務的進程中面臨挑戰,其增長和利潤率可能面臨下行風險,若聯想集團計劃進行更多收購以擴大該板塊業務,槓桿率可能進一步上升。
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