惠譽確認恆大(03333.HK)信貸評級「B+」 展望調整至「穩定」
評級機構惠譽發表報告,確認中國恆大(03333.HK)長期外幣發行人違約評級「B+」,評級展望由「正面」調整至「穩定」。展望改變反映該行相信集團減債能力將轉弱,主因合約銷售持平,加大投資非地產業務致應付帳款增加,以及對短債依賴加劇。
惠譽表示,經調整外部擔保後,以淨債務對經調整庫存計,恆大槓桿由去年的44%下降至今年上半年的41%。不過,由於進取買地及投資電動車業務,料2019至2020年槓桿將回升至介乎42%至43%,而恆大過往也沒有經營電動車的往績。該行稱,在合約銷售放慢及內地房市放緩時,恆大在廠房附近以額外土地溢價拿地。
報告料恆大今年合約銷售約5,510億元人民幣(下同),按年持平,上半年錄2,810億元,低於公司6,000億元的指引。惠譽稱,內房一般而言,增長放慢或意味經營現金流增加。但這或不是恆大情況,料其進取拿地及大手投資電動車,將致經營現金流減弱。
另外,上半年恆大短債對總債務佔比達46%,去年為47%,仍高於同業。公司指其致力發長債,但或需時,因為大部分短債均為建築貸款。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.