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穆迪维持世茂集团(00813.HK)「Ba1」信贷评级 展望升至「正面」
阿思达克 10-05 16:30
评级机构穆迪发表报告,维持世茂集团(00813.HK)企业家族信贷评级「Ba1」,展望由「稳定」升至「正面」,以反映过去一至两年销售表现强劲,将支持公司信贷表现在未来12至18个月有改善,另外其债务增长亦受控。此外展望「正面」亦反映了该行预期公司将继续审慎财务纪律,并在物业发展及非物业发展业务上继续追求平衡的增长。

该行予公司「Ba1」评级,主要是反映了在房地产周期内公司销售执行力强劲,加上产品组合及地理位置理想,土储亦多元化,另一方面公司经营规模较大,以合同销售计在内地开发商中亦位居前列。

受惠今年下半年及明年充足可销售资源,及强劲执行力,该行料世茂未来12至18个月合约销售增10%至15%。即使受到新冠疫情影响,今年首八个月,世茂合约销售按年增19%至1,690亿元人民币,跑赢全国同期仅4%的销售增长。

受过去一至两年销售表现强劲,收入增长健康所支持,穆迪以收入/经调整债务计,料世茂杠杆将由截至今年6月底止十二个月的约75%,在未来12至18个月扩至介乎90%至100%。穆迪另称,世茂流动性良好,其所持现金,以及经营活动带来的现金流,在未来12个月足以支持偿付到期债务及支付买地金额。

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