中金发表报告指，古茗宣布计划发行总额19.6亿港元的零息担保可换股债券，债券可转换为最多8326.25万股股份，占当前股本约3.5%，所得款项净额将用于原材料采购、资本结构优化、研发及海外扩张。为配合债券发行，古茗拟回购3400万股。中金认为，公司采用海外零息可转债加同步回购注销的对冲方案，零息债券现金资金成本低，可令现金使用安排更灵活，而同步回购注销可对冲转股稀释，有助稳定股价及提升股东回报，预期未来公司或持续进行股份回购。该行预期古茗今年经营重点为门店提质，未来分店选址更为严格，维持“跑赢行业”评级，目标价36港元。
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