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《大行报告》花旗彩生活(01778.HK)引入策略性股东维持「买入」看6.8元
阿思达克 07-23 16:27

花旗发表的研究报告指,彩生活(01778.HK)宣布折让4.2%配股引入策略股东京东及360.com,分别占已发行及扩大後股本的7.1%及6.6%,之後京东将成公司第三大股东,交易完成後持股达5%,而360.com持股将由1.54%升至3.05%,京东将不会委任董事会成员。

该行认为相关策略对培育增值服务平台而言属正面策略,但需要时间实现,相信交易整体有正面影响,包括与京东在电商及物流上策略合作以扩张其新零售平台,可增加产品种类并改善仓储及物流安排,而深化与360.com的技术合作则可加强数据分析及智能社区设施应用,另外其资产负债表亦可有改善,料到2019年底净负债可降至5.3%,融资成本压力亦可减轻,但若增值服务研发开支提升或会抵销相关因素的影响。

另外该行指出,每股盈利摊薄情况亦难免。相信2019/20年每股盈利会被摊薄3.1%及6.6%,估计交易完成後2019年每股盈利增长仍有23%,净负债有望跌12.8个百分点至5.3%,而到2020年则可有净现金。而该行估算交易後公司2019年预测市盈率为10.2倍,而物管同业平均市盈率则为27倍,予「买入」评级,目标价6.8元。

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