《大行報告》大摩:復星(00656.HK)擬在未來12個月透過出售資產削減債務
摩根士丹利發表研究報告指,復星國際(00656.HK)現時目標是在未來12個月內處置更多資產,從而將其淨負債減半,降至500億至600億元人民幣的水平,管理層並向市場保證,已就境內外債務償還作詳細安排。
大摩指,復星管理層近日在投資者溝通會中詳細介紹了近期在流動性管理方面的工作,又指未來將繼續出售非核心資產,目標是償還所有未償公開市場債務,截至上半年約有500億元人民幣;同時期望短期內繼續依靠銀行渠道進行融資,強調與各銀行都有非常良好的關係,所有銀行貸款展期沒有任何困難。
該行預期,復星去槓桿後的資產負債比率將降低約30%,而目前水平已超過70%。管理層強調將繼續專注於消費相關領域的發展,將復星醫藥(02196.HK)、豫園、復星旅遊文化(01992.HK)及保險等業務視作核心資產。
大摩估計,復星將優先處置保險領域少數股權投資、非核心房地產資產及於互聯網領域的非戰略性投資,但相信該公司不會完全退出房地產市場,而會在精選的市場繼續經營,預測公司2022至2024年派息比率將達到14%、30%及36%,給予目標價11.4元,評級「增持」。
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