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惠譽:聯想(00992.HK)收購電盈ITS業務權益 料增強IT服務能力
評級機構惠譽日前表示,聯想集團(00992.HK)計劃收購電訊盈科(00008.HK)ITS業務權益,預期收購將增強聯想亞太區運維服務、項目型和解決方案服務能力,以及拓展客戶,預期交易對聯想短期盈利及現金產生能力的影響或相對有限。 同時,惠譽認為,成功收購整合將加快聯想向區域IT企業方案市場滲透。惠譽表示,考慮到PLTS佔電訊盈科企業方案業務板塊大部分的收入和營利,預期收購完成後,聯想旗下方案服務業務集團(SSG)的收入將提升7%至10%,業務EBITDA提升5%至6%。 聯想計劃利用內部資源撥付現金部分對價,惠譽指出,聯想有足夠現金支付,但考慮到當前經濟環境不確定性,預期聯想未來有可能重新舉債,以補充資金流動性;加上交易可能產生額外融資成本,令聯想實際增益收購後的收益與營運現金流可能減少,但相信聯想總槓桿率將仍保持低位,總債務對經營性EBITDA比率料為1.5倍或以下。
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