惠譽升融信中國(03301.HK)信貸評級至BB-展望穩定
評級機構惠譽發表報告,上調融信中國(03301.HK)長期外幣發行人違約評級,從「B+」升至「BB-」,展望穩定。據該行準則,「BB-」屬於非投資級別。
報告指,上調評級反映融信財政狀況自2018年以來持續改善;以淨負債/經調整庫存計算的槓桿率,由2017年的59%改善至今年上半年的43%,源於放慢土地收購及利潤率健康。
受其具質素土儲支持,惠譽相信融信有誘因及能力,維持槓桿率在45%以下水平。土儲料足夠未來三至四年發展,而且在收購上有更大彈性。
惠譽預期融信未來兩年槓桿續低於45%。該行假設融信將使用賣樓收益的40%用於土地併購,因為它有足夠土儲支持合約銷售規模,以及達成溫和銷售增長目標。2018年及今年上半年融信進行「去槓桿」,管理層指致力於優化債務結構及減低融資成本。
該行料融信分散的土儲,並專注於一、二線城市,將支持其未來12至18個月的銷售增長,因為惠譽相信該等城市已有累積需求。此外,依賴其土儲及今年下半年達1,200億元人民幣的銷售資源,惠譽料融信今年可錄約10%的銷售增長。惠譽另認為,融信土儲成本具競爭力,料可維持稅息折舊及攤銷前盈利(EBITDA)利潤率介乎約28%至30%。
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