《大行報告》大摩:中國平安(02318.HK)參與方正集團重組令市場略感意外
大摩發表報告指,雖然早前已有報道指中國平安(02318.HK)有興趣參與方正集團的重組計劃,但考慮到今次交易的規模和平安的參與程度,認為仍可能讓市場感到有些意外。
平保公布,授權旗下平安人壽聯同代表珠海國資的華發集團,按七三比受讓「新方正集團」不低於73%的股權,平安人壽將以370.5億至507.5億元人民幣對價受讓新方正集團51.1%至70%的股權。交易完成後,該公司將成為一個新的子公司,合併到平安集團的財務報表中。
報告指,平安認為這項交易將帶來突出的投資回報和長期的協同效應。當中涉及方正的四大核心板塊:包括以北大醫療集團、北大醫藥(000788.SZ)為主的醫療板塊;方正證券(601901.SH)、北大方正人壽等金融業務;資訊科技業務的方正科技(600601.SH);及教育業務的中國高科(600730.SH)。平安將利用自身經驗和技術為方正的金融業務賦能,收購線下醫療資產可以補充平安的線上醫療服務,並提高其服務能力,即使這種重資本的線下擴張似乎改變了平安之前在輕資產領域的策略。
大摩予中國平安「增持」評級,目標價118元。
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