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財務結構不斷優化,正榮地產(6158.HK)今年獲境內外評級雙上調
格隆匯 11-05 09:26

2018年上市以來,正榮地產穩步增長,打通了境內外融資渠道,提升運營效率和產品力,2019年開始新三年戰略,提出高質量增長,今年先後獲得國內外包括中誠信、標普、穆迪、惠譽等信用評級機構上調評級,上市後第二年實現了境內外信用評級雙上調。

4月穆迪將正榮地產集團的主體評級由B2上調至B1,評級展望為穩定。標普也將正榮地產集團的評級展望上調至正面,確信評級為B。而在境內評價方面,中誠信證券評估有限公司給予公司AAA主體信用評級,評級展望屬穩定。9月國際三大評級機構之一的惠譽將正榮地產的主體評級上調至B+。

穆迪在報告中表示,上調公司評級主要是基於信貸評級持續上升,公司的融資端保持通暢,財務狀況保持穩健。穆迪在報告中預期,未來12-18個月,得益於收入和合約銷售的強勁增長,正榮地產的信用指標將會增強。

標普在評級報告中指出,正榮地產開拓了新融資渠道,尤其是債務資本市場;債務情況持續優化,流動性強勁。未來12個月正榮將憑藉強勁的收入和控制購地節湊,以及獲取更長的貸款增強債務的流動性,獲獎進一步上調評級。

中誠信指出上調的主要原因在於公司杆槓水平持續下降、融資渠道拓寬、銷售業績快速增長及優質土地儲備,多方面綜合實力的考量。正榮地產近期也對外表示,“公司今年將會繼續通過多渠道融資,以長債來置換短債,優化債務結構,目標是到今年年底將短債比例控制到40%或以下。”

在惠譽9月近期發佈的報告中表示,正榮地產2019年中期後通過股份發行及以內部產生的現金償還債務,進一步降低槓桿;公司上半年銷售均價遠高於其他B+評級的同業,同時高質量優質土地儲備對其未來銷售形成良好保障。

國內外各大券商機構也陸續發佈研報,看好正榮地產的發展前景。國泰君安認為充足的儲備和優質的佈局確保正榮地產業績的高速增長。同時大華繼顯認為正榮地產2019年上半年的業績符合其與市場的預期,尤其是淨利潤表現令人驚喜。法國巴黎銀行上調正榮地產(6158.HK)目標價至6.43港元,2019年預測資產淨值調高3.6%至每股14.3港元,重申“買入” 評價。

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