大行評級|瑞銀:恒基地產發CB或反映管理層對未來股價上行空間的看法 評級“買入”
瑞銀表示,此次恒基地產建議發行80億港元2030年到期可換股債券,可能反映管理層對未來幾年股價上行空間的看法。因此,該行預計恒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,該行估計恒地的淨負債率可從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,恒地每年可節省約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%。該行對其評級為“買入”,目標價為29港元。
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