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《大行報告》大和降世茂集團(00813.HK)評級至「持有」 目標價削至5.2元
阿思達克 01-10 10:18
中誠信託上週指世茂集團(00813.HK)附屬6.45億元人民幣貸款發生違約。由於世茂未能滿足分期交付要求,正尋求對方提早償付。大和發表研究報告,即使世茂澄清尚未發生債務違約,正與中誠信託商討還款安排,該行認爲已陷入惡性循環,負面消息將進一步損害其再融資及合約銷售能力,繼而使現金流惡化。予世茂評級由「買入」連降兩級至「持有」,並下調每股資產淨值(NAV)預測由30.4元降至11.6元,亦擴大估值折讓由35%擴至55%,以反映額外信貸風險,目標價相應由20元大削至5.2元。 大和稱,負面消息除損害買家及投資者信心外,或導致其他信託公司跟隨要求世茂提早還債,進一步加大財政壓力。該行估算世茂今年有介乎230億至250億元人民幣(下同)的企業債、資產支持證券(ABS)及信託貸款到期償還,由於不用限制現金僅有161億元,料世茂需要透過出售項目加大力度收回現金,進行再融資及資產出售以避免違約。 該行削減今明兩年世茂合約銷售預測至介乎2,200億至2,300億元,料受累於買家信心轉弱。該行亦下調世茂2021至2023年每股盈測介乎4%至26%,以反映毛利率收縮及入帳進度受幹擾。
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