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國泰君安國際:建議申購弘陽地產(1996.HK)所有美元債券
格隆匯 04-15 18:25

格隆匯4月15日丨中國領先的綜合性房地產開發商弘陽地產(1996.HK)獲國泰君安國際發表債券投資評級報吿,建議申購弘陽地產所有美元債券。

國泰君安國際認為弘陽地產2020年營收創新高,盈利能力穩健。合約銷售金額達人民幣865億元,三年複合增長率35%,高於行業平均水平。土地儲備方面,認為弘陽地產土地儲備充足,當前土儲預計足以維持2-3年發展。集團聚焦深耕長三角、大灣區、成渝等經濟高增長區域,長三角區域合約銷售佔比78%;江蘇銷售增長至約人民幣459億元。截至2020年底,集團擁有2,006萬平方米土地儲備,較2019年底增加約18.5%,其中74%位於一、二線城市。

此外,國泰君安國際認為弘陽地產債務結構持續優化,融資成本下降。集團當前債務結構中開發貸佔由2019年的20%提升至33%、經營性物業貸款、信託貸款及存單質押等融資金額佔比均較去年有所下滑。從期限結構來看,2020年短期借款佔35.4%,較2019年下降6.6%。顯示出集團持續優化的債務結構。集團2020年平均融資成本為7.67%,較去年7.86%下降。再者,集團三條紅線均處於“綠檔”水平,剔除預收款後的資產負債率約為69.4%,淨負債率50.3%,現金短債比1.6倍。因此國泰君安國際給予綜合信用評分7分,建議申購弘陽地產所有美元債券。

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