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《大行》匯豐研究:萬國數據(GDS.US)完成發行美元可轉債及ADS 降目標價至34.7美元
阿思達克 06-02 11:27
匯豐研究發表研究報告指,萬國數據(09698.HK)(GDS.US)宣布完成發行可轉換優先債券,債券本金總額為5.5億美元,2032年到期,同日完成發行598萬股美國存託股(ADS),發售價每股24.5美元,所得款項淨額約1.42億美元,估計此次完成發行後股本稀釋比例約為3%。管理層亦透露下半年將完成發行首個中國房地產投資信托基金(C-REITs),將旗下數據中心資產進行資產證券化,預料將帶來淨現金收入約14億元人民幣。 匯豐研究認為,C-REITs和配股將使萬國數據的淨債務對經調整EBITDA比率由去年底的7.2倍,降至今年底的6.5倍以下,預期隨著EBITDA增長,槓桿比率有望持續改善。基於股本稀釋,該行將萬國數據美股目標價下調至34.7美元,維持「買入」評級,隨著內地需求正在恢復及國際業務增長持續加快,相信有助於估值重估。
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