美銀證券:對新力控股(2103.HK)全部美元債券評級為"買入"
基於有利的風險回報建議增持新力全部三隻美元債券

美銀證券於8月31日更新了對新力控股(SINHLD)的研究報吿。有關詳細信息,請參閲以下摘要:
改善債務/上限、淨負債率和淨槓桿率
與2020年底相比,SINHLD的現金總額增加10%至人民幣193億元,而債務總額則基本保持不變,為人民幣296億元。淨負債環比下降16%至102億元人民幣,而總權益環比增長6%至202億元人民幣。債務/資本環比提高2個百分點至59%,淨債務/權益環比提高13個百分點至51%。債務/過去12個月EBITDA環比增長0.4倍至5.9倍,而淨債務/過去12個月EBITDA環比提高0.2倍至2.0倍。總現金/短債環比提高0.2倍至1.4倍。
在岸和離岸債券市場的再融資需求
自1H21結束以來,SINHLD的境內債券淨髮行量(不包括ABS)已達到5億元人民幣,而其境外債券淨贖回總額為500萬美元。至於其2021年剩餘時間的再融資需求,它沒有在岸市場(不包括ABS)到期/可回售的債券,而在離岸市場有2.46億美元的債券到期。美銀證券估計其1H21預估總現金將分別覆蓋其到期/可回售債券(不包括ABS)的4.3倍和3.6倍,直至22年底和23年底。
美銀證券對SINHLD全部三隻美元債券評級為“買入”,原因是(1)良好且充足的土地儲備和(2)相對於類似到期的中國高收益房地產債券具有吸引力的收益率回升。
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