《大行》瑞銀:恆地(00012.HK)擬發80億CB 料對股價負面
恆地(00012.HK)建議發行80億元2030年到期可換股債券,年利率0.5%。初始換股價36元,較昨日(8日)收市價溢價26.98%;可兌換新股約2.22億股,相當於擴大後股本4.39%。所得淨額79.2億元,擬用作一般公司用途及/或再融資。
瑞銀表示,此次恆地可轉換債券發行可能反映管理層對未來幾年股價上行空間的看法。因此,該行預計恆地的股價及相關行業可能對此消息做出負面反應。在完全轉換為股權的情況下,該行估計恆地的淨負債率可從2024年12月的39%降至36%。同時,淨資產價值稀釋約2%。另一方面,若以新可轉換債券重新融資現有債務,恆地每年可節省約3.2億港元的利息支出,相當於該行2025年預估基礎盈利提升約3%。評級「買入」,目標價29元。
恆地今日低開4.94%,最低見25.2元。現報26元,跌8.29%,成交2,099.75萬股,涉資5.44億元。
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