＜Research＞G Sachs: PING AN CB Issuance Can Provide Low-cost Financing w/ Limited Potential Dilution Impact

　　PING AN (02318.HK) -1.700 (-4.716%) Short selling $298.99M; Ratio 22.272% reportedly intends to raise US$3.5 billion through a way of convertible bond (CB) issuance, Goldman Sachs released a research report saying.

　　Goldman Sachs believed that the scale of the issuance may be small compared to PING AN's annual dividend, and estimated that the potential dilution impact will be limited. Goldman Sachs kept rating at Buy, with a target price of $55.

　　Based on yesterday's (15th) closing price and assuming a conversion premium of 25-30%, the potential dilution impact is expected to be about 2%, Goldman Sachs said.

　　In addition, the CB coupon rate was 0.375-0.875%, which is similar to the CB issued by BABA-SW (09988.HK) -1.000 (-1.305%) Short selling $629.57M; Ratio 20.264% , JD-SW (09618.HK) -3.000 (-2.812%) Short selling $177.60M; Ratio 17.366% and TRIP.COM-S (09961.HK) -16.000 (-4.119%) Short selling $101.00M; Ratio 23.987% , representing a low-cost financing for PING AN.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-15 16:25.)