《大行》瑞銀料售美國物業對太古A(00019.HK)股價有輕微正面影響
瑞銀發表報告指,太古A(00019.HK)及太古地產(00019.HK)聯合公布,以代價最高約5.49億美元,折合約42.8億港元,出售美國邁阿密物業Brickell City Centre零售部分全部75%權益、共用設施及停車場部分予Simon Property。
該行預計此次出售可能對太古A股價有輕微正面影響,估計此次出售可能將太古A 2025年預估的經調整債務對EBITDA比率從4.63倍改善至4.59倍,仍高於標普要求的4.5倍水平。同時預計公司不會在公告後進行股份回購,原因包括債務對EBITDA比率仍高於4.5倍;太古地產表示現金收益將優先用於支持其每年中單位數的每股股息增長目標,其次用於新投資收購或股份回購,而非債務償還。交易完成後,太古A預計將錄得除稅前收益7.25億港元,佔該行2025年預估基礎利潤的6%。
瑞銀對太古A評級為「沽售」,目標價59.9元。
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