大和:周大福发CB可降低融资成本 维持“买入”评级

GoldenOctober2024

金十数据6月18日讯, 大和发表研究报告指,周大福(01929.HK)宣布发行可换股债券(CB),筹集约88亿港元,并同步进行股份回购,经股份回购调整后净股权摊薄率为3.7%,低至0.375%的票面利率较集团现有融资成本节省100至200基点,可有效降低其融资成本。管理层亦提到所得资金将全数用于珠宝主业发展,并承诺维持会70%至80%的股息分派政策。大和认为,虽然周大福拥有强劲的自由现金流,本来无需要发债,但今次把握低息长期融资窗口,将有助推动其业务转型,转股期设定在三年后,短期内股份回购与利息节省将带动每股盈利增长,因此维持其“买入”评级。

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