惠譽上調龍光集團(03380.HK)信貸評級展望至正面 確認「BB」評級
評級機構惠譽公布,已將龍光集團(03380.HK)的長期外幣及本幣發行人主體評級展望自「穩定」調整至「正面」,並確認其發行人主體評級、高級無抵押評級及未償美元高級票據的評級為「BB」。
評級展望調整至正面,反映了龍光財務狀況改善。惠譽預計,未來十二到十八個月內該公司的槓桿率將降至35%以下,由於其土地儲備足以支持增長,槓桿率將維持在這一水平。龍光在業務擴張的同時實施穩健的財務政策(體現在公司槓桿率的下降),且盈利能力強勁,EBITDA利潤率達到30%左右。龍光的權益銷售額亦呈現強勢增長,2020年上浮32%至1,210億元人民幣(下同)。惠譽並料龍光2021年和2022年權益合同銷售額分別增長至1,300億元及1,400億元。
公司還將於2021年推出2,400億元的可售項目。惠譽預計,龍光將繼續保持在粵港澳大灣區市場的優勢地位,其2020年59%的銷售額來自大灣區(2019年為56%),2021至2022年的佔比將繼續保持在55%左右的高位。來自投資物業合同銷售的確認營收不斷增加,現金回款能力有望進一步增強。
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