領展(00823.HK):供股預先集資助捕捉市場機會 每單位分派短期有攤薄效應
領展(00823.HK)建議上市以來首次供股集資,計劃折讓近三成,以供股價每股44.2元「五供一」,籌資188億元。領展行政總裁王國龍在記者會上表示,是次供股主要有三個原因,包括在預視加息及利率正常化下,資產重新定價令市場未來一至兩年市場出現不少投資機會,雖然現時未有具體收購目標,但預先籌集資金可令集團在捕捉機會時有財務優勢,同時強調領展不是為融資而融資,為收購而收購。
再者,他稱供股可讓集團與資本合作夥伴共同促進其「3.0戰略」進入下一階段發展,提高資產管理規模。而供股將使集團淨負債比率降至20%以下,由於部分集資所得部用於償還債務,可減少集團利息支出等成本,或有助提升單位分派。
對於是次供股會否影響未來的每單位分派,首席財務總裁黃國祥提到由於供股後基金單位即時增加,短期有攤薄效應,估計單位分派或會改變。不過,因供股資金部分用於還債,可降低利息開支,短期存款回報加上投資於良好的交易,預料或可為分派創造更好的長線增長。
至於若長時間未有合適收購項目,集團會否將部分所得資金重新向投資者派發,領展首席企業發展總裁譚承蔭指目前未有打算,如長期未有適當項目而資金過多,會考慮不同的方法利用。另外,王國龍稱目前正為早前收購的新加坡零售物業與銀行商議借貸,引入資本夥伴上亦正與多方洽談。
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