You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
《大行報告》美銀證券上調新秀麗(01910.HK)目標價至19.8元 評級「買入」
阿思達克 06-09 10:11
美銀證券發表的研究報告指,新秀麗(01910.HK)周一宣布與若干貸款人及金融機構訂立信貸協議的進一步修訂協議,倘公司選擇採用歷史EBITDA以計算經修訂信貸協議的財務契諾項下之最高總淨槓桿比率及最低利息保障比率,部分季度的歷史EBITDA將獲調高6,570萬美元。另外公司已償還優先有抵押A定期貸款融通項下未償還借款的本金額1.25億美元,並已主動償還循環信貸融通項下的未償還借款本金額1億美元。

該行認為2021年第三季至2022年第二季違反相關條款的可能性非常低,認為修訂大致去除投資者在這方面的憂慮,主要因為公司業務很有可能難以回復至疫情前水平。而債款人亦認同公司在成本管控措施下盈利能力的改善。經修訂後公司債務水平由32億元人民幣降至29億元人民幣,而每年可節省融資成本約800萬美元。該行估計公司未來會繼續採取去槓桿措施。

該行將公司目標價升18%至19.8元,維持對其2021/22年預測不變,以反映財務彈性改善,相信中期公司可更多聚焦於加強核心營運,重申「買入」評級。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account