智通财经APP获悉，里昂发布研究报告称，维持周大福创建(00659)“跑赢大市”评级，估算2025财政年度股息率将达8.6%。鉴于控股股东无意出售其股份，里昂认为发行可换股债券是合理的解决方案，摊薄幅度亦最小，计及转换及人民币汇价预测，相信会为经常性溢利预测带来约4%至7%负面影响，相应将目标价下调至8.2港元。
报告中称，周大福创建宣布拟发行7.8亿元可换股债券，初始换股价每股8.043元，溢价约5%，该债券可悉数转换为9,697.87万股新股，占公司扩大后股本约2.369%。里昂指，可换股债券完全转换后其公众持股量将提升至25.64%，恢复上市规则所要求的最低公众持股水平25%之上。
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