野村視弘陽地產為單B評級首選開發商之一 招銀國際看好REDSUN'24和'25債券
弘陽地產(1996.HK)獲野村及招銀國際齊看好其債券及財務狀況。
野村視弘陽地產為其在單B評級開發商中的首選企業之一,看中其在動盪的市場中仍保持相對韌性。喜歡集團錄得令人滿意的現金回款、擁有良好的“綠檔”信用指標類別、位於長三角的優越土地儲備以及透過住商聯動獲取土地資源的優勢。集團流動性改善,非受限制現金覆蓋短期債務達1.3倍,而2020年底則為1.1倍。今年集團10月到期的離岸債券只有1億美元,而且沒有在岸債券。信託貸款環比進一步減少人民幣5億元至人民幣37億元。
此外,招銀國際也發表了信用報吿,看好弘陽地產的REDSUN'24和'25債券。債券價格在91.1美元和89.0美元時,REDSUN'24和'25的到期收益率具吸引力。招銀國際預計集團將繼續保持“綠檔”陣營,因為它的土地收購和現金流預算是按“三條紅線”的要求而制定。2021年首7個月,弘陽地產實現合約銷售額人民幣560億元,同比增長37.3%。鑑於其可售資源達人民幣1550億元,集團只需60%的銷售率便能達成其全年目標。
此外,招銀國際認為集團商業/住宅聯動下的土地收購將支持其中期利潤率。由於併購和商住聯動佔其土地收購的比例日增,這些可售資源的收入將在未來2-3年內確認,中期來看,招銀國際預計集團的毛利率將反彈至20%中左右。
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