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《大行》大摩:恆地(00012.HK)發CB降融資成本正面 惟股價或現整固
阿思達克 07-09 10:30
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。 摩根士丹利認為,0.5%的較低融資成本(2024財年平均借款成本:4.51%)是積極的,每年可節省利息3.2億元。然而,這為股價設定了上限。投資者可能會在過去三個月股價上漲36%(恆生指數上漲22%)後看到一些整固。 大摩表示,市場擔憂香港銀行同業拆息(HIBOR)上升,但該行對發展商和香港住宅市場仍持建設性看法。 大摩指出,恆地目前以0.4倍市淨率和6.4%的遠期股息收益率作交易。該行給予「增持」評級,目標價為31元。 恆基地產(00012.HK)今日低開4.94%,最低見25.2元。現報26.2元,跌7.58%,成交2,225.26萬股,涉資5.76億元。
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