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穆迪再次上调世茂房地产(0813.HK)评级
格隆汇 09-17 10:11

格隆汇9月17日丨穆迪于2019年9月12日将世茂房地产(0813.HK)评级由Ba2上调至Ba1,展望“稳定”。这是继去年将Ba2评级展望从“稳定”上调至“正面”后的又一次上调。

穆迪分析师Celine Yang表示“我们预期世茂得益于营收和签约的强劲增长,公司指标在未来12至18个月将得到进一步加强。另外,世茂来自于商业运营、酒店、物业管理的多元化收入,加上集团稳健的财务管理,将助力公司面对房地产行业的挑战环境。”

穆迪表示,世茂近两年强劲的签约增长带来的营收健康增长将使得营收覆盖债务的能力进一步提高;EBIT覆盖利息的倍数也有望提升至4.5至5倍的水平,另外不断增长的非房地产开发收入将提高利息覆盖倍数的稳定性。

穆迪强调未来12至18个月,世茂可售资源多,市场地位稳,在环境趋紧的当下,将受益于行业的整合。加上公司土储分布良好,约60%位于房住需求较强的一二线城市,28%位于佛山等强三四线城市,其经济发展支撑着房住需求。穆迪预计世茂通过一贯积极有效的现金流管理,能保持良好的流动性和境内外融资渠道。

至此,世茂还获得了惠誉“BBB-稳定”、标普“BB+稳定”、以及中诚信“AAA”、联合评级“AAA”等境内外良好评级。

长期以来,世茂集团对市场怀敬畏之心,坚持稳健的财务政策,扎实做好回款和现金流管控工作,量入为出,开源节流,保持了优于行业的净负债率水平,保证有质量的增长。另外,公司持续拓展融资渠道,并推出了多项首单金融产品,在境内外资本市场具有良好的口碑和稳健的形象。 

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