《大行報告》富瑞:軟銀提前結算阿里(09988.HK)付遠期合約 無損基本面 料回購等可釋放股東價值
阿里巴巴-SW(09988.HK)昨(10日)收市後表示,公司股東軟銀之董事會已批准提前股份結算軟銀先前與數家金融機構交易對手訂立的使用軟銀持有的部分公司股份籌集資金的若干預付遠期合約。將提前結算的預付遠期合約涉及最多公司約2.42億股的公司美國存託股份(ADR),佔公司已發行股份總數的約9%。
軟銀表示,上述股份結算將於今年8月中開始,預計將於9月底完成,持股將由6月底23.7%降至14.6%,持相關交易稅前收益總額約4.6萬億日圓(約2,675億港元)。
富瑞發表報告指,今次軟銀以實物結算,認為無損阿里巴巴基本面,預計公司一系列的資本配置策略,將釋放其對股東的價值回報,包括優化其流動性及可投資資產的回報、正在推進中的股份回購計劃等。該行給予阿里巴巴「買入」評級,目標價224港元。
該行補充,雖然宏觀經濟存在不確定性,但認為阿里旗下消費、雲計算和全球化的三大關鍵戰略保持不變,儘管市場波動,但仍觀察到公司穩定的日活躍用戶(DAU)和頁面瀏覽量。並將繼續投資於技術和基礎設施,以加強其用戶體驗。
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