惠譽將融信中國(03301.HK)展望降至負面 重申「BB-」評級
評級機構惠譽將融信中國(03301.HK)展望由穩定降至負面,重申長期外幣發行人違約評級為「BB-」,高級無抵押評級及未償美元高級票據評級同為「BB-」。
惠譽表示,融信中國的EBITDA利潤率由2019%年的29%下降至2020年的約15%,預期計及資本化利息後,今年EBITDA利潤率將回升至約20%水平。
但惠譽指出,內地一、二線城市的房地產市場政策風險仍然較高,因此相信利潤率復甦前景存有不確定性,若融信今年利潤率或銷售增長表現顯著改善,則評級可以保持穩定。
惠譽預期,融信中國今年將運用銷售額回款約40%作購買土地,預期公司銷售增長步伐平緩,未來3年銷售額料每年增長約5%,因此今年無積極進取補充土儲的需要。
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