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大行評級|高盛:安踏發新CB意味淨利息收入將有上行潛力 維持“買入”評級

安踏週二公佈,回購其2025年到期的10億歐元可轉換債券,並計劃發行新的可轉換債券,規模為15億歐元。高盛發表報吿指,安踏發新的可轉換債券反映公司的淨息收入有上行潛力。該行指,投資者或對公司的資本分配策略有疑問,公司截至2023年末現金流達220億元。基於該行推算,可轉換債券全面轉換會在目前的股份額外加上1.18億股,稀釋影響為4.2%。

該行指,公司發新可轉換債券意味仍可以低成本進行再融資,並維持並現金水平的同時,亦不會攤薄現階段的股東回報。該行維持對公司“買入”評級及目標價111港元。

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