元大證券:軟銀提前結算阿裏(09988.HK)遠期預付合約涉9%股份 交易量相當其港股42個交易日成交量
元大證券發表報告表示,阿裏巴巴-SW09988.HK)主要股股東日本軟銀將通過預付遠期合約減持阿裏巴巴。9月底完成預付遠期合約的股份結算後,預計軟銀持有的阿裏巴巴股份佔比將從目前的23.9%降至14.9%。鑑於軟銀目前財務表現疲弱,未來不排除會繼續減持阿裏巴巴,對阿裏巴巴股價產生的負面影響似乎不可避免。然而該行認爲市場已經部分消化該消息。
該行指,日本軟銀此次通過提前結算的預付遠期合約涉及阿裏巴巴已發行股份總數的約9%,按過去一年香港股市日均交易量計算,相當於42個交易日的成交量。參考騰訊控股(00700.HK)的主要股東Naspers於今年6月27日宣佈其有意向減持騰訊股份,騰訊股價在接下來的一個月內累跌13%。
元大證券指,軟銀在阿裏巴巴董事會設有一個代表職位,軟銀的角色更像是財務投資者,而非商業夥伴。該行認爲阿裏巴巴的業務營運不會因軟銀減持股份而受到嚴重影響。而該行維持對阿裏巴巴「買進」投資評級及目標價 137.2元。
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