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惠誉升融信中国(03301.HK)信贷评级至BB-展望稳定
阿思达克 08-19 12:39

评级机构惠誉发表报告,上调融信中国(03301.HK)长期外币发行人违约评级,从「B+」升至「BB-」,展望稳定。据该行准则,「BB-」属於非投资级别。

报告指,上调评级反映融信财政状况自2018年以来持续改善;以净负债/经调整库存计算的杠杆率,由2017年的59%改善至今年上半年的43%,源於放慢土地收购及利润率健康。

受其具质素土储支持,惠誉相信融信有诱因及能力,维持杠杆率在45%以下水平。土储料足够未来三至四年发展,而且在收购上有更大弹性。

惠誉预期融信未来两年杠杆续低於45%。该行假设融信将使用卖楼收益的40%用於土地并购,因为它有足够土储支持合约销售规模,以及达成温和销售增长目标。2018年及今年上半年融信进行「去杠杆」,管理层指致力於优化债务结构及减低融资成本。

该行料融信分散的土储,并专注於一、二线城市,将支持其未来12至18个月的销售增长,因为惠誉相信该等城市已有累积需求。此外,依赖其土储及今年下半年达1,200亿元人民币的销售资源,惠誉料融信今年可录约10%的销售增长。惠誉另认为,融信土储成本具竞争力,料可维持税息折旧及摊销前盈利(EBITDA)利润率介乎约28%至30%。

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