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《大行報告》美銀證券:長實(01113.HK)資產負債表強勁 有利市場低迷時進行具吸引力併購
阿思達克 05-11 09:50
美銀證券發表研究報告指,長實集團(01113.HK)以約48.11億元收購Civitas Social Housing。Civitas在英國各地經營以護理為基礎的社區住房和醫療保健設施,為有長期需求的成年人提供服務。在財務上,收購條款看起來很有吸引力,但長實必須為Civitas未來的盈利納稅,任何盈利增長都取決於長實可以多快用自己的現金償還Civitas的現有債務。 該行認為,此次收購應可增強長實對具有ESG授權的投資者的吸引力。而集團能否找到其他類似類型的目標或擴展到歐洲的住宅領域以加強其在這一領域的投資,仍然有待觀察。該行指,由於其強勁的資產負債表將有利市場低迷時進行具吸引力併購,且擁有具吸引力的估值,維持「買入」評級,目標價61元。 該行表示,長實以每股80便士的價格收購Civitas,較最後收盤價溢價44%。該行估計,這意味著5%的EBIT收益率。截至去年9月,Civitas的資產負債率為33%,但由於利率飆升,其資本化率或面臨上行壓力。雖然Civitas的於2023財年上半年的平均利率為3.04%,但該行預計,其平均利率目前可能已飆升至4.5%,又料其期內的稅前利潤將按當前利率減少約9%至1,500萬英鎊。
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