You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
中銀國際首次覆蓋弘陽地產 看好商業雙輪驅動模式 弘陽2022及2023年債券收益率吸引
格隆匯 09-10 20:16

2021年9月10日,中國領先的綜合性房地產開發商弘陽地產集團有限公司("弘陽地產"或"集團";股份代號:1996),獲中銀國際發佈信用分析報吿。報吿表示過去兩年,弘陽地產的信用指標提升,得益於其強勁的銷售增長和債務結構的持續優化。集團是 B 評級類中為數不多的在三條紅線政策下的"綠檔"房企之一。

中銀國際表示弘陽地產已在其主要市場江蘇建立了品牌認可度,並將業務擴展到大都市圈的核心城市。通過投資於這些經濟增長迅速且住房需求已被證明具有韌性的富裕地區,集團既能追求穩健的銷售增長,同時亦享有高的投資兑現度和安全邊際。作為一家全國性房企,集團更為均衡的地域組合有助於緩解潛在的區域經濟和政策衝擊。

中銀國際看好集團的地產商業雙輪驅動模式,其商住項目有利於提高利潤率並在未來產生經常性收入。今年8月,弘陽地產以100%的權益比例收購山東一塊商住地塊。展望未來,集團將通過併購、商住項目聯合開發等多元化投資渠道來不斷提升權益比。

弘陽地產的合約銷售金額在過去三年強勁增長,複合年增長率約為35%,得益於其強大的執行力。截至8月底,集團實現合約銷售人民幣620.3億元,同比增長29.2%,完成2021年全年銷售目標的62%。

弘陽地產致力於提高其評級而不斷優化債務結構,短期借貸佔比從2018年底的49.4%下降到2020年底的35.4%,又進一步下降至上半年年末的30.8%。管理層嚴控363天債券發行以減輕再融資的壓力及改善債務期限分佈,若以兩家房企評級類似、營運指標健康且以長三角為核心市場相比,中銀國際認為弘陽地產2022年和2023年到期債券的收益率相當吸引。 

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account