《大行報告》大和一舉降旭輝(00884.HK)評級至「中性」 削目標價至0.9元
大和發表報告,指旭輝(00884.HK)週三(28日)晚迴應就非標準債務未能如期支付的傳聞,報告稱,即使問題不會立即引發交叉違約,旭輝亦盡責地避免違約,相信這是旭輝陷入惡性循環的開始。考慮下調銷售預測及今年9月初配股集資,該行降其2022至2024年銷售預測介乎6%至29%,降每股盈測介乎4%至40%;並下調估值基礎,擴大資產淨值折讓估算由40%擴至70%,亦降今年底每股NAV預測由6.7元降至3元,目標價相應由4元大削至0.9元,評級由「買入」連降兩級至「中性」。
旭輝澄清內部信不意味未能償債。報告稱,即使旭輝未能就證券投資信託產品作支付,亦未必立即引發交叉違約。事實上,旭輝今年餘下時間沒有任何債券到期的「大關」。據旭輝迴應,其就離岸2024年到期高級票據如期支付利息,意味旭輝亦致力如期支付,避免任何違約。
不過負面而言,大和表示,即使不構成交叉違約,相信旭輝持份者對公司已失去信心,或進一步影響融資活動及房屋銷售。旭輝一向被視爲較具質素的內房,該行相信其需要致力恢復市場信心。
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