穆迪:本港發展商盈利料趨於穩定
評級機構穆迪發表報告指出,隨著經濟好轉,本港發展商的盈利將趨於穩定。在該機構所覆蓋的10家本港發展商中,2021財年的EBITDA將按年持平,並在2022財年跌3%。而去年在新冠肺炎疫情拖累下,該些發展商的EBITDA按年下跌13%。
穆迪副總裁Stephanie Lau表示,本港發展商的加權平均經調整淨負債/EBITDA將由2020年的2.8倍,在未來12至18個月增長至約3.4倍,主要由於盈利下降及淨負債上升,而負債增加主要因部分企業進行收購及資本開支較高所致。
至於2022年本港發展商的EBITDA下跌,反映較低的寫字樓租金及住宅發展項目收入減少預期,抵銷了零售物業租金回升的影響。
穆迪估計,隨著經濟改善帶動零售銷售回升,及中港兩地通關影響,受評級的發展商於2022財年的零售租金收入將上升約4%。
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