惠誉予花样年(1777.HK)“B+”评级展望稳定
国际信贷评级机构惠誉宣布,给予花样年控股(1777.HK)长期外币发行人违约评级(IDR)“B+”,评级前景为“稳定”。
报告指,花样年的评级获足够土地储备、稳健EBITDA利润率和适度杠杆等因素支持。虽然该公司的土地储备集中在成都和桂林,但在大湾区亦有30多个城市重建项目,地域多样化,相信其土储足供未来3-4年发展。
惠誉预计,花样年2019-2020的EBITDA利润率(不包括资本化利息)将与2018年的25.8%相若,估计花样年净负债率可保持在45%左右的水平,与其他获“B+”评级的同业相符,惟公司去年应占合同销售额仅约240亿元人民币,低于获同等评级的同业。惠誉预计,花样年今年应占合约销售额将增加11%。
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