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《大行報告》德銀降世茂集團(00813.HK)評級至「持有」 目標價下調至6.3元
阿思達克 01-25 10:24
德銀發表報告,由於世茂集團(00813.HK)破產風險不斷上升,而且很可能進一步逾期償還在岸債務,將世茂的評級由「買入」下調至「持有」,目標價從16.5元下調至6.3元。 德銀指,世茂似乎在試圖阻止加速還款,延長其主要針對信託貸款、ABS、應付賬款的還款期限,同時希望保持公共債務工具的有序支付,從而為可交換要約或再融資鋪路,但這種安排根本無助恢復市場信心,該公司可能會在2022年的大部分時間不能從資本市場融資。 德銀認為,世茂管理債務進度落後,質疑管理層剝離資產的意願,以及他們在解決危機方面的積極性,如果錯過了出售窗口,公司可能在最壞的情況下面臨重組。
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