
瑞银注意到近期市场关注其股息的可持续性。缺乏整幢物业交易及2025年农地转换项目,意味着恒地在2025年预测可能产生48亿港元的负自由现金流(派息后)。该行的情境分析显示,若股息潜在削减55%(至每股股息0.81港元),或可实现自由现金流收支平衡,且控股家族可能因相应减少股东贷款投入而获得更多现金。基于概率加权的每股股息(假设股息削减至0.81港元的概率为50%)1.3港元计算,该股目前对应股息率为4.3%,与长实集团(01113)相若,表明市场已部分反映此股息削减风险,进一步支持该行对风险回报趋于平衡的观点,同时该行维持恒基2025年预测每股股息1.8港元不变。
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Africa’s industrial expansion received a major boost as Dangote Group and China’s energy major GCL Group signed a 25-year natural gas supply agreement valued at about $4.2 billion to support a large scale fertiliser project in Ethiopia.
非洲工业化进度迎来迫切推进。尼日利亚丹格特集团与中国动力企业协鑫集团签署了一项为期25年的自然气供应合同,合同金额约42亿好意思元,用于赈济在Ethiopia配置的大型化肥分娩边幅。
The agreement, signed in Lagos, will see GCL supply natural gas from the Calub Gas Field in Ethiopia’s Ogaden Basin to power Dangote’s planned urea fertiliser complex in the Somali Region. The facility, expected to begin operations in 2029, will have an annual production capacity of three million tonnes, making it the largest modern fertiliser plant in East Africa.
该合同在尼日利亚拉各斯签署。凭据合同,协鑫集团将应用位于Ogaden盆地Calub气田的自然气资源,为丹格特集团研讨在索马里州配置的尿素化肥详尽分娩基地提供动力保险。该边幅瞻望于2029年厚爱投产,年产能达300万吨,建成后将成为东非地区限度最大的当代化化肥分娩基地。
Under the arrangement, gas will be transported through a dedicated 108-kilometre pipeline to the fertiliser production base in Gode. The overall project is estimated to cost about $2.5 billion, with Dangote Group holding a 60 per cent equity stake while Ethiopian Investment Holdings will hold the remaining 40 per cent.
凭据该合同,自然气将通过一条全长约108公里的专用管说念运输至位于Gode的化肥分娩基地。该边幅总投资瞻望约25亿好意思元,其中丹格特集团抓股60%,埃塞俄比亚投资控股(EIH)抓股40%。
Founder of Dangote Group,炒股配资查询 Aliko Dangote, said the partnership reflects a broader strategy to deepen industrialisation across Africa by building value chains that link natural resources directly to manufacturing.
丹格特集团首创东说念主Aliko Dangote默示,这次和谐体现了通过构建将当然资源平直与制造业不竭接的产业价值链,以进一步推进非洲工业化发展的合座计策。
“Africa’s energy industry cannot continue exporting raw materials while importing finished products. Through strategic cooperation with GCL, we will create an efficient value chain from natural gas extraction to fertiliser production, strengthening Africa’s capacity to secure its own food supply,” he said.
他默示:“非洲动力产业不行永恒停留在出口原材料、入口制制品的发展模式。通过与协鑫集团开展计策和谐,咱们将打造从自然气开发到化肥分娩的高效产业价值链,进一步增强非洲保险本人食粮供应的才智。”
Chairman of GCL Group, Zhu Gongshan, described the agreement as a milestone for China–Africa industrial cooperation, noting that the partnership would combine GCL’s energy infrastructure expertise with Dangote’s manufacturing footprint across the continent.
协鑫集团董事长朱共山默示,该合同是中非产业和谐的迫切里程碑。这次和谐将把协鑫在动力基础措施范围的专科上风与丹格特集团遍布非洲大陆的制造业布局相劝诱。
Analysts say the project could significantly reshape the fertiliser market in East Africa, where countries currently rely heavily on imports to meet agricultural demand. Once operational, the plant will be capable of meeting Ethiopia’s entire domestic demand for urea while supplying neighbouring markets.
分析东说念主士以为,该边幅有望对东非地区化肥商场花样产生迫切影响。现在,该地区列国在得志农业分娩需求方濒临化肥入口依赖度较高。该边幅建成投产后将具备得志埃塞俄比亚国内一王人尿素需求的才智,并可向左近商场提供厚实供应。
Beyond fertiliser production, the project is also expected to stimulate economic activity in Ethiopia’s Somali Region by creating thousands of jobs, expanding infrastructure and strengthening the country’s energy sector.
除化肥分娩以外,该边幅瞻望还将通过创造数千个工作岗亭、完善基础措施配置以及进步动力产业发展水平,带动埃塞索马里州的经济活力,并进一步促进埃塞俄比亚动力产业的发展。
Industry observers note that the integrated model linking upstream gas production, pipeline transportation and downstream fertiliser manufacturing represents a new template for large scale China–Africa industrial cooperation, while also aligning with global efforts to promote lower carbon industrial production using natural gas as a feedstock.
业内不雅察东说念主士指出,将上游自然气开发、中游管说念运输与下流化肥分娩相劝诱的合座模式,既为大限度中非产业和谐提供了新的范式,也契合巨匠推进以自然气为原料的低碳工业分娩的趋势。
The project is widely viewed as a major step toward improving food security and industrial self reliance across East Africa, while reinforcing the strategic economic ties between African and Chinese enterprises.
该边幅被平庸以为是进步东非地区食粮安全与产业自强才智的迫切举措,同期也将进一步安闲非洲企业与中国企业之间的计策经济和谐关连。
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