惠誉上调龙光地产(03380.HK)信用评级至“BB”,展望稳定
9月2日,惠誉国际宣布,将龙光地产(03380.HK)的长期发行人评级从“BB-”调升至“BB”,展望稳定。这是继标普之后,又一家国际权威评级机构上调龙光地产信用等级。
本次评级上调是基于龙光地产的杠杆率进一步改善、高盈利能力持续提升、销售规模稳步扩大及市场集中风险降低。惠誉指出,龙光地产今年前7月合约销售额增长25%至546亿元,未来销售额仍将稳健增长。同时,公司盈利表现持续强劲,上半年息税折旧及摊销前利润(EBITDA)率维持在34%的高位,未来两年将保持在30%以上。公司杠杆率从2017年底的48%、2018年底的41%下降至2019年上半年的36%。 截至6月30日,公司已售待结算的合同销售额可观,毛利率在30%以上,未来两年收入确定性较高。同时,利润率较高的城市更新业务未来将持续贡献利润,支撑EBITDA保持高水平。
惠誉国际还指出,龙光地产土储资源丰富,通过公开方式获取的土地储备总量为3590万平方米,足以满足未来4-5年的发展需求,而公司未来两年仍将用合约销售额的45%-50%持续补充土储。此外,公司投资布局覆盖粤港澳大湾区、环上海都市圈以及新加坡等海外市场,多个区域在上半年实现销售,将在未来一两年内缓解市场集中风险。
惠誉国际表示,龙光地产在业务扩展期间表现出较强的财务纪律性和较高的盈利能力,本次评级上调反映了公司财务状况的持续改善,预计公司在未来12-18个月的杠杆率将低于40%,并保持在较低水平。惠誉国际称,如果公司财务杠杆进一步下降,该机构将进一步上调龙光地产评级。
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