《大行報告》大摩引述碧桂園(02007.HK)指近期民企融資政策 料有助延長730億元人幣的短期部份債務
碧桂園(02007.HK)本周二(15日)公布配股集資總額39.2億元,摩根士丹利發表報告,碧桂園管理層出席了該行於本周三(16日)及周四(17日)的的投資者會議,就再融資方面,該行引述碧桂園管理層表示將優先使用約5億美元(約39.11億港元)的配售資金,用以償還4.4億美元(約31.29億港元)到期的銀團貸款(今年12月)和6億美元(約46.94億港元)債券(明年1月)。
碧桂園管理層表示,正在討論為銀團貸款續期(利息成本可能更高),並決定將於下月初公布。大摩指碧桂園尚有上輪35億人民幣中期票據額度,公司亦正在推進第二批申請,而公司管理層正考慮以200億元人民幣的股權投資組合作為新發行的抵押品,但仍在與相關機構討論該方案。
流動性方面,碧桂園管理層預計內地近期支持民企融資政策,將有助於延長約730億元人民幣的短期部分債務(截至今年上半年,包括約60%為國內銀行貸款)。此外,碧桂園於今年上半年在託管賬戶中鎖定了約710億元人民幣的現金(相當於總現金約50%),管理層認為在託管賬戶規則放寬後有可能部分可提取。截至今年9月底,公司擁有約700億元人民幣的可自由使用現金。
物業銷售方面,碧桂園管理層指11月以來的銷售額按年下降幅度擴大至30%至40%(對比9月和10月分別下跌30%和21%)。公司管理層估計經營現金流可以在月度銷售額約280億元人民幣的情況下實現平衡。
大摩引述碧桂園管理層預計近期杭州下調的首付比例將很快擴大至其他二線城市,估計更多寬鬆措施應會陸續出台,不過公司認為近期的密集寬鬆只能幫助內地優質私人開發商。
大摩維持對碧桂園「與大市同步」評級及目標價1.68元。
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