大行評級丨大摩:阿里大折讓售股,料高鑫股價反映負面,維持“中性”評級,目標價2.4港元
經營大賣場“大潤發”的高鑫零售(6808.HK),去年10月披露接獲收購意向,最終落實交易,阿里巴巴及其控制的New Retail所持有75億股高鑫股份,將全部售予德弘資本(DCP Capital),佔高鑫已發行股份78.7%。交易作價約116億港元,相當於每股1.55港元,較高鑫週二(12月31日)收市價2.48港元折讓近38%,若計及利息,涉資最多131億港元。摩根士丹利發表報吿指,阿里出售高鑫零售,或令高鑫股價反應負面,主要由於要約價遠低於交易公佈前收市價;維持予高鑫零售“中性”評級,目標價2.4港元。不過大摩認為高鑫零售股價在要約價水平上可獲支持,該行保守估計高鑫零售每股資產淨值2.5港元。大摩也稱,一旦少於90%非阿里巴巴股東接受要約,高鑫零售仍將繼續維持上市地位。雖然阿里與德弘資本旗下基金就交易達成共識,但仍尚待監管部門批准。
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