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《大行報告》花旗彩生活(01778.HK)引入策略性股東維持「買入」看6.8元
阿思達克 07-23 16:27

花旗發表的研究報告指,彩生活(01778.HK)宣布折讓4.2%配股引入策略股東京東及360.com,分別佔已發行及擴大後股本的7.1%及6.6%,之後京東將成公司第三大股東,交易完成後持股達5%,而360.com持股將由1.54%升至3.05%,京東將不會委任董事會成員。

該行認為相關策略對培育增值服務平台而言屬正面策略,但需要時間實現,相信交易整體有正面影響,包括與京東在電商及物流上策略合作以擴張其新零售平台,可增加產品種類並改善倉儲及物流安排,而深化與360.com的技術合作則可加強數據分析及智能社區設施應用,另外其資產負債表亦可有改善,料到2019年底淨負債可降至5.3%,融資成本壓力亦可減輕,但若增值服務研發開支提升或會抵銷相關因素的影響。

另外該行指出,每股盈利攤薄情況亦難免。相信2019/20年每股盈利會被攤薄3.1%及6.6%,估計交易完成後2019年每股盈利增長仍有23%,淨負債有望跌12.8個百分點至5.3%,而到2020年則可有淨現金。而該行估算交易後公司2019年預測市盈率為10.2倍,而物管同業平均市盈率則為27倍,予「買入」評級,目標價6.8元。

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