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《大行報告》法巴:假若騰訊(00700.HK)悉售美團-W(03690.HK)持股 不會改變兩公司合理價值預測
法巴發表研報指,日前有外電消息指騰訊(00700.HK)計劃剝離於美團-W(03690.HK)的17%持股,以8月16日美團收市價計,騰訊所持股份價值約1,768億元。消息傳出當日美團股價下跌9%,騰訊股價上漲1%。 法巴表示,對兩家公司的合理價值預測保持不變,認為美團現價水平完全符合預期,而騰訊則仍然被低估,除了該消息以外預計不會對企業內在價值或未來現金流產生影響。 市場推測相關動作主因是內地當局加強對科技公司的監管,鑑於騰訊未落實出售於美團持股,美團股價已開始下滑,預期若果真出現剝離,將可能會令騰訊股東擔心其所持美團股權的價值將低於其近期市值。 然而法巴認為美團價格下調對騰訊估值的影響應該有限,現時騰訊持有的美團股份價值約1,600億元人民幣,佔騰訊市值的7%,因此估算美團市值每下降1%,將相當於騰訊市值的0.07%。
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