《大行》汇丰研究：京东(JD.US)发CB可能损害近期股价情绪仍偏好美团(03690.HK)、腾讯(00700.HK)、网易(09999.HK)及拼多多

阿斯达克财经05-22

汇丰研究发表报告指，对中国互联网行业利用债券市场来提高股东回报并不意外。鉴于目前较高的利率环境，可转换债可以为外部融资提供比直接债券更好的选择。视乎发行人的信用质素，该行业的5年期债券孳息率介乎5.2至5.9%之间。当中，京东(09618.HK) 目前发行的可换股优先票据的年利率为0.25%。该行提到，是次京东的可换股票据发行将使其能够利用较低的融资成本以当前股价加快股票回购流程，集团又计划回购...

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HK), Tencent (00700. HK), NetEase (09999. HK) and Pinduoduo","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"80700":0.6,"89618":0.6,"09618":1,"TCEHY":1,"NTES":1,"HSBC":1,"CB":1,"03690":1,"09999":1},"content_text":"汇丰研究发表报告指，对中国互联网行业利用债券市场来提高股东回报并不意外。鉴于目前较高的利率环境，可转换债可以为外部融资提供比直接债券更好的选择。视乎发行人的信用质素，该行业的5年期债券孳息率介乎5.2至5.9%之间。当中，京东(09618.HK) 目前发行的可换股优先票据的年利率为0.25%。该行提到，是次京东的可换股票据发行将使其能够利用较低的融资成本以当前股价加快股票回购流程，集团又计划回购超过未来潜在摊薄的股票。然而，根据其他互联网公司发行债券后的历史股价表现，此举可能会降低投资者情绪，并在短期内限制京东的股价。在过去三年中，可换股债券发行公告发布后的首天，股价平均下跌8%，截至第30天，股价平均下跌23%。考虑到短期内发行可换股债券对股价的潜在影响，投资者或会寻求其他可能将可换股债券视为融资选择的公司。从股票角度来看，考虑到多间公司的基本面、增长前景和竞争防守能力，该行继续偏好美团(03690.HK) 、腾讯(00700.HK) 、网易(09999.HK) 及拼多多，均予“买入”评级。然而，该行认为美团和腾讯在可换股票据发行中名列前茅，因此，他们的股价情绪短期内或会受到影响。鉴于在2023年底网易以美元计价的净现金为90亿美元，似乎足以满足其股东回报计划，因此，网易或保持更高防御性。(sl/u)(港股报价延迟最少十五分钟。沽空资料截至 2024-05-21 16:25。)AASTOCKS新闻","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.23.1","shortVersion":"4.23.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2437288647"}

《大行》汇丰研究：京东(JD.US)发CB可能损害近期股价情绪 仍偏好美团(03690.HK)、腾讯(00700.HK)、网易(09999.HK)及拼多多

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《大行》汇丰研究：京东(JD.US)发CB可能损害近期股价情绪仍偏好美团(03690.HK)、腾讯(00700.HK)、网易(09999.HK)及拼多多