神華(01088.HK)升逾3%創九個月高 籌劃發A股購買母企資產
中國神華(01088.HK)籌劃發A股購買母企資產,今日低開0.62%,最低見35.26元後回升,高見37.24元。現報36.88元,升3.95%,創逾九個月高;成交1,854.16萬股,涉資6.79億元。神華(601088.SH)A股周一起停牌。
花旗表示,神華計劃通過發行A股及現金支付,收購國家能源集團公司持有的13家公司股權,並擬透過A股配售募集配套資金。該行預期此次收購將提升神華的煤炭、火電及煤化工產能。然而,由於目前交易細節尚未公布,短期內可能對股價產生負面影響,主因投資者擔憂神華的每股盈利(EPS)及股東權益報酬率(ROE)遭稀釋。管理層在會議中承認相關疑慮,並強調將與母公司協調資產注入方案時,致力避免或降低稀釋風險,同時承諾持續超額兌現股息政策。
中銀國際表,神華管理層在最近的電話會議中回應,稱將在交易架構設計中平衡各方利益,並承諾股息政策不受影響。截至2024年底,公司擁有現金總額達1,420億元人民幣,淨現金1,060億元人民幣,但當年現金收益率僅為1.9%。以神華A股目前約15倍2025年預測市盈率估值來看,設計出具每股收益增厚效應的交易方案並非難題。ROE的關鍵變數將取決於煤製油與煤製氣項目的實際回報表現,但目前交易仍處於初期階段,具體條款尚未披露。基於中國神華H股2025年預期股息收益率僅5.5%,維持「持有」評級,目標價32.18港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.