光大證券:騰訊(00700.HK)主要股東減持節奏較慢 料資金面衝擊較為可控
騰訊(00700.HK)昨公布主要股東Naspers及其旗下的Prosus宣布開展一項長期、開放式的回購計劃,計劃有序地在場內出售Naspers所持的騰訊股份,從而籌集回購計劃所需資金。Naspers表示,預期每天出售的公司股份數目將佔騰訊股份每日平均成交量的一小部分,若Naspers在過去三個月內在符合歐洲監管限制的前提下執行回購計劃,每天出售的騰訊股份平均不會超過騰訊每日平均成交量約3%至5%。
光大證券發表報告表示,Prosus及Naspers回購股份主要因Prosus的股價相比每股NAV存在較大折價,為正常財務安排,指出售騰訊股份目的為獲取資金以支持此回購計劃。根據Prosus官網數據,今年6月24日,其每股NAV為116.5歐元,而Prosus在阿姆斯特丹交易所當日的收市價為53.1歐元,Prosus的收盤價相對於每股NAV存在約54%的折價。 Prosus回購股份有利於提振其股價,從而惠及Prosus與Naspers的股東。
據Prosus官網,今年6月24日Prosus的NAV為1,740億美元,所持騰訊股份的市值為1,355億美元(佔比約78%),在需要資金推進其回購計劃時,Prosus選擇出售部分騰訊股份,為Prosus正常財務安排,並非不看好騰訊基本面,Prosus公告稱,對騰訊的長期前景仍充滿信心。
光大證券指,Prosus減持節奏較慢,料資金面對騰訊衝擊較為可控。Prosus公告稱,Naspers集團預計每日出售騰訊股份數佔騰訊每日平均成交量的一小部分。例如,若在過去3個月內在符合歐洲監管限制的前提下執行回購計劃,每日出售騰訊股份不會超過騰訊股份的每日平均成交量約3-5%。Prosus的回購計劃是開放式的,若Prosus股價相對每股NAV仍有較高折價,回購計劃或將繼續進行。
該行認為,此次減持屬大股東正常財務安排,短期市場情緒或受到壓制,對騰訊長期基本面仍保持看好,維持對騰訊目標價529元,維持「買入」評級。
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