巴克萊銀行推薦買入力高集團(01622.HK)債券
巴克萊銀行在7月5日發佈的中國房地產上半年研究報吿中,推薦買入力高集團(01622.HK)於2022年8月到期的債券獲。巴克萊稱,力高的流動性充裕,現金/短債覆蓋為2.1倍,上半年達81%的強勁合約銷售同比增長率在同業中排名第二,對公司近期的債務償還能力有信心。
值得關注的是,巴克萊銀行在報吿中對力高集團的規模擴張及債務結構給予了樂觀預測,為公司未來發展及財務穩定性增添了許多積極色彩。
今年以來,步入發展快車道的力高仍然保持穩健的增長勢頭,據公司公吿,2021年1至6月,力高集團實現合約銷售約235.10億元,同比增長為80.6%。在行業百強排名中名次繼續上升。
此外,巴克萊認為力高集團的債務增長與其規模增長的節奏一致。力高在2020年成功將短債佔比從2019年底的72%降低到33%,拉長了債務到期期限並且償還掉一部分短期債務,2020年底的現金/短債覆蓋從2019年底的1.2倍上升至2.1倍。巴克萊預測力高今年的收入/總債比約為70%,較許多穆迪B評級的同業公司更為優秀。
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