《大行报告》美银证券上调新秀丽(01910.HK)目标价至19.8元 评级「买入」
美银证券发表的研究报告指,新秀丽(01910.HK)周一宣布与若干贷款人及金融机构订立信贷协议的进一步修订协议,倘公司选择采用历史EBITDA以计算经修订信贷协议的财务契诺项下之最高总净杠杆比率及最低利息保障比率,部分季度的历史EBITDA将获调高6,570万美元。另外公司已偿还优先有抵押A定期贷款融通项下未偿还借款的本金额1.25亿美元,并已主动偿还循环信贷融通项下的未偿还借款本金额1亿美元。
该行认为2021年第三季至2022年第二季违反相关条款的可能性非常低,认为修订大致去除投资者在这方面的忧虑,主要因为公司业务很有可能难以回复至疫情前水平。而债款人亦认同公司在成本管控措施下盈利能力的改善。经修订後公司债务水平由32亿元人民币降至29亿元人民币,而每年可节省融资成本约800万美元。该行估计公司未来会继续采取去杠杆措施。
该行将公司目标价升18%至19.8元,维持对其2021/22年预测不变,以反映财务弹性改善,相信中期公司可更多聚焦於加强核心营运,重申「买入」评级。
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