《大行報告》瑞銀:碧桂園(02007.HK)及恆地(00012.HK)為旭輝(00884.HK)主要合資夥伴
瑞銀發表研究報告指,外電指旭輝(00884.HK)建議將一筆10月5日到期的離岸銀團貸款利息支付推遲至10月底,由於旭輝有約80%項目為非獨資持有,多數是與非國有開發商合資發展,相信或為合作夥伴帶來溢出風險。
據該行統計,旭輝的主要項目合資夥伴為碧桂園(02007.HK)、恆地(00012.HK)、山東銀盛泰集團以及重慶華宇,分別與旭輝正合作發展13個、21個、31個及28個項目。瑞銀認為,若果財務實力允許,合作夥伴可向旭輝收購項目股權,有助於阻隔風險,預測如果碧桂園要收購旭輝於合作項目的持股,將要斥資約51億元人民幣,佔今年6月底止閒置現金約6.6%;恆地料須斥資約176億元人民幣,令備考負債率由2021年底的40%增加到46%。
瑞銀給予旭輝「中性」評級,目標價為2.5元,2022至2024年每股盈利預測為0.63、0.52及0.38元人民幣。
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