《大行報告》里昂:周大福企業全購新創建(00659.HK)作價不吸引 料獨立股東會反對要約
里昂發表報告指,周大福企業以現金收購新創建(00659.HK)餘下股份,包括新世界(00017.HK)持有的股權,但每股9.15元作價看來並不吸引,因低於該行給予新創建合理估值16%至18%,作價的市賬率亦低於新世界中國地產私有化最終作價一成。預期獨立股東將投票反對要約。
該行估算新創建截至去年每股資產淨值為18.2元,作價較有關估算低五成,股價較有關估算折讓56%,折讓率高於平均的39%。
里昂相信鄭氏家族將繼續支持新世界發展,譬如以更高要約價收購新創建餘下股份,情況與私有化新世界中國地產時相似。該行維持對新世界「買入」評級及29.9元目標價。
該行亦認為,周大福企業對新創建餘下股份的收購最終會完成,對新創建目標價由8.3元上調至10.1元,基於7.1厘股息率給予「買入」評級。
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