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法國巴黎銀行:新力控股(2103.HK)資本結構進一步改善,而流動性仍將保持良好
格隆匯 03-17 12:58

格隆匯3月17日丨法國巴黎銀行3月16日更新對新力控股(SINHLD)的信用點評。

核心內容如下:

法巴認為新力控股(SINHLD,B2 Stable/B Stable/B+Stable)的資本結構顯示出穩步改善,信託融資有所降低,而指標應在20財年保持穩定。對於沒有即將發生的流動性問題的信貸,法巴認為一年期債券利率為13-14%似乎過高。

法巴認為新力擁有有效的執行力,同時進入穩定的增長階段。新力控股在20財年的預售總額為1130億元人民幣,達到了全年目標的104%。該集團的目標是21財年的權益預售額同比增長10%(550億人民幣),並着眼於業務進入下一階段有質量的增長。預計21財年權益可售資源約為人民幣840億元,其中南昌為22%,惠州為12%,其餘主要在廣州,武漢,南京和長沙——意味着要求的去化率僅為65%,而20財年實際為65%。考慮到20年一季度的新冠影響,該目標顯得審慎且可以輕鬆實現。該集團在20財年投入權益金額150億元人民幣用於土地購置,佔預售額的30%,目標是在21財年實現類似的土地補給比例。在16-19財年快速增長後,擴張速度有所放緩,我們預計未來將實現平衡的穩定增長。

法巴預計新力資本結構進一步改善,而流動性仍將保持良好。新力控股的指標在11月19日上市後已顯示出顯著改善,鑑於謹慎的擴張,預計20財年將穩步改善。

法巴預計,新力控股盈利穩定地實現温和增長並實現利潤率正常化。管理層將進一步加強其土地儲備策略,並着重於未來的盈利能力。

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