《大行報告》星展:融創中國(01918.HK)配股後短期償債能力優同業 維持「買入」評級
星展發表報告指,融創中國(01918.HK)公布以每股15.18元先舊後新配售3.35億股,每股作價較上一交易日收市價折讓約10.9%。另外再以每股14.75元配售1.58億股融創服務(01516.HK)現有股份,較上一交易日收市價折讓約10.9%,相當於融創服務已發行股本總額約5.1%。兩項交易總共籌集9.42億元美元。同時,融創中國控股股東兼董事會主席孫宏斌將自有資金4.5億美元,以無息借款形式提供給集團使用。
星展表示,融創中國以大折讓配股及出售融創服務股權,再加上控股股東無息資金注入是令該行感意外,因集團之前的資產出售應可滿足集團近期的離岸融資需求。
該行認為,雖然與同業相比,現時融創中國應能更好地應對短期需償還的債務,但認為集團最近的舉動或會引發市場對其財務狀況的憂慮,特別是表外負債。
星展維持融創中國股份「買入」評級,目標價為47.5元,並調升集團今明兩年盈利預測各4%,以反映集團今年預售目標由6,400億元升至7,000億元人民幣,及有效的成本控制。
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.