中金:降海隆控股(1623.HK)目標至0.26港元 流動性風險或影響基本面
中金公司發表研究報告指,海隆控股(1623.HK)未來1-2年仍面臨較大的再融資風險,考慮到公司當前流動性風險可能影響公司的基本面、行業的不確定性,下調公司評級至中性,並將目標價下調76%至0.26港元。
中金指,海隆控股2020年與2022年票據已經違約,並宣佈2020年票據交換要約進一步延期至2020年6月29日,不排除如果要約仍然無法完成,公司被債權人強制索償的可能性,公司票據交換多次延期,進展並不順利,提示投資者票據交換失敗的風險,即使票據交換成功,再融資風險仍將給公司基本面與業績帶來壓力。
中金續指,在公司能夠完成交換要約的假設下,下調公司2020年歸母淨利潤34%至1.4億元人民幣;另外考慮到公司的流動性風險還可能會影響未來1-2年銀行對公司的財務支持、客户對油服供應商的背景審核等,同時由於宏觀經濟的不確定性,下調公司2021年歸母淨利潤54%至1.3億元人民幣。

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