大行評級 I 星展銀行:綠景中國地產(0095)重大不確定性消除 維持“買入”評級 目標價1.89港元
格隆匯6月21日丨星展銀行發佈研報指,綠景中國地產是否具備成功開發和完成白石洲舊改項目的能力一直以來是市場擔憂所在,也是長期拖累公司股價表現並導致其資產淨值(NAV)大幅折讓的核心原因。此次萬科作為策略性股東進入白石洲項目,該行相信可以減輕市場對於綠景中國是否有能力開發白石洲項目的擔憂。同時,萬科短期內提供的現金將有利於減輕綠景中國近期債務償還的壓力。研報指出,市場基於綠景中國經營性現金流無法覆蓋經營性資本開支和近期債務而擔憂該公司短期內的流動性風險。目前,綠景中國已經通過償還及存續並舉的方式順利解決年內數筆可轉債。萬科的適時進入可在短期內為公司提供現金流,並以強力的背書給綠景中國在協商債券存續和再融資方面提供更大的話語權。星展銀行認為,這一重大融資動作對綠景中國地產有利,維持“買入”評級,予目標價1.89港元,相較於上一個交易日(6月8日)股價為1.25港元,上漲空間51%。
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