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惠譽上調弘陽地產(01996.HK)信貸評級至B+ 展望穩定
阿思達克 10-16 15:26

評級機構惠譽發表報告,上調內房弘陽集團和子公司弘陽地產(01996.HK)的長期外幣發行人違約評級,由「B」上調至「B+」,展望穩定。惠譽還將兩家公司的高級無抵押票據評級,由「B」上調至「B+」。

報告指出,上調評級反映了弘陽地產在高品質土地儲備和審慎的財務政策的支援下的銷售規模增長,這使其槓桿率保持在50%以下(在「B」類同行中處於健康水準)。集團的物業租賃業務規模較大,因此經常性收入也較高。

惠譽預計集團的土地收購和地域擴張戰略將推動其銷售額增長,並預計集團的2019年權益合約銷售額將增長25%,達300億元人民幣。隨著集團在2019年上半年獲得更多土地,銷售增長將得到充足的可售資源的支撐。截至2019年6月底,弘陽地產總土地儲備為1,570萬平方米,而集團於2019年將土城儲備佈局擴展至溫州、西安、襄陽、長沙以及江門等具發展潛力的大中型城市。

報告預計,在未來一年內多個高利潤項目的結轉將為集團的利潤率提供支援,惠譽相信集團在2019至2020年的EBITDA利潤率將保持在20%至23%的健康水準。

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