GAMUDA 5398 GAMUDA BERHAD 大举收购伦敦商业建筑物温彻斯特楼是好事吗?
Gamuda Bhd 计划以 13.9 亿令吉收购伦敦商业建筑物温彻斯特楼后,人们可能会认为其股价将飙升。
但投资者可能也同样担心建筑公司和房地产开发商在进行大规模购买时的风险。
该股在早盘交易时段下跌 2.16% 至 4.08 令吉,有 133 万股易手,使该集团的市值为 108.5 亿令吉。
在去年 6 月触及 3.33 令吉的低点后,它最近成功攀升至 4.33 令吉的 52 周高点。
大众投资银行对此次收购持“中立”态度,称存在一定程度的投资风险,尽管金务大预计内部收益率超过20%。
投资风险包括收购的持有期、利率和外汇,同时将净负债比率提高 12.4 个百分点,并使金务大的债务空间减少 17.7%。
尽管如此,该研究机构认为金务大的投资将被证明是一项稳健的投资,因为它有机会在黄金地段购买被低估的优质资产。
3 月 27 日,金务大宣布与其合作伙伴英国房地产私募股权投资者 Castleforge Partners Ltd 一起以 2.57 亿英镑购买了一栋 8 层高的商业建筑 Winchester House London(德意志银行目前的英国总部) (13.9 亿令吉)。
它表示,该资产将被翻新和升级为一流、一流的环境、社会和治理 (ESG) 办公空间,以满足全球企业的需求。
现在,这可能证明了 Gamuda 是游戏规则改变者,因为这只会提升公司的地位。
丰隆投资银行研究部表示,此次收购标志着金务大自 2022 年 12 月以来的第四次重大收购,使总收购价值达到约 22 亿令吉。
“在 2023 年 5 月完成这笔交易后 [假设没有延期付款和 75% 的股份],金务大的净负债率将上升至可控的 24%。
该建筑物的剩余租期为两年,足以支付无追索权收购债务的融资成本。
该研究机构维持其“买入”评级,目标价 (TP) 为 4.88 令吉,并补充称该股仍然具有吸引力,尽管仍处于合约上升周期。
与此同时,CGS-CIMB 维持其“增持”评级,目标价维持在 4.69 令吉不变,因为它认为此次收购是积极的,因为它的资本支出最少,而且未来的盈利潜力可能具有吸引力。
#GAMUDA
https://xifu.my/OpinionsComment.aspx?BID=B02401423PBADAE2
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