大行评级|花旗:周大福发CB或短期压抑股价 仍看好同店销售复苏

格隆汇
18 Jun

花旗发表研报指,周大福近日发行五年期可换股债券(CB),票息0.375%,初始换股价为每股17.32港元,溢价约26.2%,发行CB的同时公司亦同步进行股份回购以对冲稀释,预期将根据以每股12.83港元的价格回购最多1.22亿股,认为发行CB令人意外,或对股价构成短期压力,但低融资成本及合理溢价预期可缓解市场忧虑。

花旗持续看好周大福同店销售表现复苏,以及其估值修复前景,是次筹集资金将重点用于定价黄金产品的库存融资,相信可优化融资结构,给予“买入”评级,目标价14港元。

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