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《大行報告》大和:相信內地擴民企債券融資支持工具 不足以實質上緩解民營內房日益增加的流動性壓力
大和發表研究報告指,在內地擴大債券融資支持工具以支持私營發展商後,內房行業出現強勁反彈,但該行認爲,這並不足以從實質上緩解發展商的流動性壓力。該行維持對行業的「中性」立場,看好具有強勁財務狀況的國營發展商,重申華潤置地(01109.HK)及中國海外(00688.HK)的「買入」評級。 該行認爲,影響發展商現金流入的關鍵問題,例如新屋銷售下降和對預售託管賬戶的嚴格監管,仍未得到解決。旭輝(00884.HK)獲得類似國家支持的增信工具後,其在10月的離岸債券違約,令該行懷疑這些受到國家支持的流動性援助是否能夠緩解私人發展商的流動性壓力。同時,該行認爲,這些債務融資工具或對私人發展商開出附加條件。例如獲得債券信用增級的一個先決條件可能是將其資產質押給保險公司。該行認爲,這將是一個障礙,因爲大多數發展商或近乎沒有資產仍可以質押。
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