大行報吿丨美銀證券:維持新力(2103.HK)全部美元債券增持評級
美銀證券在3月更新了對新力控股(SINHLD)的信用點評,核心觀點如下:
美銀證券維持新力發行利率9.5%,21年到期及發行利率8.5%,22年到期及發行利率10.5%,22年到期的美元債券的增持評級。
1)美銀證券認為,新力的信用狀況優於其他B類評級開發商,其EBITDA利潤率為23.5%,EBITDA利息覆蓋率為3.2倍,淨債務/ EBITDA為1.6倍,淨債務/權益為66%。
2)現金流強勁,截止到23年到期的不受限制的現金/債券(不計在岸ABS)為2.4倍 。
3)儘管公司的項目儲備於一二線城市/大灣區並不算太過集中,美銀證券仍因其在南昌及惠州市場地位以及足夠的土地儲備而感到安心。
4)公司擁有較多融資管道,可接觸在岸債券及離岸融資市場。美銀證券預期公司會持續優化債務結構,同時降低對信託融資的依賴。
5)上述新力債券對比其他即將到期的B類評級債券更具有吸引力。
上行因素包括控制良好的購地行為,銷售增長/現金回款強勁,低於預期的美元債供應風險,以及超出預期的政策寬鬆。

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