大行評級|瑞銀:國泰航空回購認股權證減少約6%股權攤薄 予其“買入”評級
瑞銀髮表研究報吿指,國泰航空將用不高於18.8億元回購認股權證,將可減少約6%股權攤薄。根據回購協議,回購所有認股權證的總代價將介乎15.3億港元至18.8億港元,相信集團的自由現金流將足以應付,又預期市場對此有正面反應。在回購認股權證後,投資者下一個焦點可能是解決於2026年到期的67億元可換股債券的潛在股份攤薄風險。鑑於國泰航空強勁的自由現金流收入,該行認為公司可以在公開市場回購可換股債券及同時回購股份以抵銷攤薄影響。瑞銀預計,國泰的營運溢利率在2024至25年可維持在約11至12%,而2010至19年的平均值為4%。集團的聯營公司國航未來數年的潛在轉虧為盈,亦可能為公司帶來正面貢獻。該行予集團“買入”評級,目標價為10.8港元。
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