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瑞銀:中證監批准富力(2777.HK)可發行H股 對內房股釋出放鬆訊號
格隆匯 12-09 11:46

瑞銀髮表報告表示,留意到是中證監於12月6日向富力地產(02777.HK)批出H股發行准許,該行與公司進行溝通後獲得證實,同時首創置業(02868.HK)亦收到中證監批出H股發行准許。該行認為,兩間內房股獲批H股發行准許,顯示內地對內房商融資政策轉為正面,因明年土地市場冷卻及內房投資放緩下,內房企業融資面臨偏緊情況。

該行認為,富力地獲中證監批出H股發行准許,信有助減低投資者對其負債水平憂慮,影響屬正面,兼且目前估值吸引,公司管理層或採取更積極措施以釋放其應有價值,如潛在分拆物業管理業務。倘若富地配售20%股份,會令每股盈利攤薄約17%,估計負債比率會由220%降至180%。

瑞銀稱,內房行業目前估值相當預測明年市盈率6倍,富力現僅預測明年市盈率2.5倍,該行仍未完全計入都市重建項目的因素。

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