海通國際:騰訊(00700.HK)主要股東減持成長期風險隱患 市場或憂蔓延至其他互聯網巨頭
就騰訊(00700.HK)(TCEHY.US)主要股東Naspers及其旗下Prosus宣布,計劃進行回購,並擬通過出售其持有的騰訊股份來為回購計劃提供資金,預期每日有序減持一少部分騰訊股票。海通國際發表報告表示,Prosus回購計劃屬開放式,截至去年底Prosus持有騰訊28.8%。
該行認為鑑於Naspers對騰訊拋售壓力將比之前的要溫和得多,因此料對騰訊短期影響實際上有限。回顧Naspers於2018年3月22日及2021年4月8日宣布出售騰訊各2%的股份,並於2018年3月27日及2021年4月12日完成出售,期間騰訊股價各下跌6.6%及2.5%。然而,這一次Naspers預計每天將出售的騰訊股票數量將只佔騰訊股票每日交易量的一小部分。
但海通國際亦指,從長遠來看,騰訊主要股東減持成長期風險隱患,因為Naspers的潛在出售騰訊股份仍然是一個懸而未決的因素。據該行計算,Naspers大約需要2,100個交易日來出售其持有的騰訊股票(Naspers 持有騰訊27.69億股,過去一個月的日均交易量為2,600萬股,交易日數是根據假設Naspers未來可能每天賣出約5%);該行亦指最終實際時間可能會更短,因為如果開始出售時,騰訊的交易量可能會上升。
從Naspers的角度而言,出售騰訊持股將是一個長期過程,從而持續壓抑騰訊的估值。從長遠來看,海通國際表示仍然看好騰訊在中國互聯網領域的領先地位和先進的公司治理,儘管投資者需要耐心等待這上述消息及相關因素為公司估值定價。
該行料市場將關注騰訊可能會出售其被投資以支持股息或股票回購,從而釋放其估值以抵銷來自Naspers的拋售。該行料市場亦會擔憂相似的情況或蔓延至其他互聯網巨頭(如日本軟銀集團持有阿里巴巴(09988.HK)(BABA.US)約25%的股份。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.