惠譽:萬科(02202.HK)受惠於中國房企政策 股票增發利好信用評級
惠譽評級稱,近期完成39億港元的H股配售,並擬議A股定增150億元人民幣,將令萬科企業(02202.HK)的評級空間有所改善。
惠譽估計,H股和A股增發交易完成之時,萬科的槓桿率將下降兩個百分點。惠譽估測,去年第三季度和2021年,萬科的槓桿率分別達到34%和35%,逼近35%的負面評級行動觸發值。萬科表示,公司計劃將昨日(9日)完成的H股配售所得收益的60%用於償付債務,剩餘部分用於補充營運資本。此外,萬科還於2月12日宣稱,公司計劃增發150億元人民幣的A股,所得收益的70%將用於投資現有項目,剩餘部分用於補充營運資本。目前A股定增正在等待中國證監會審批,萬科致力於在今年底前完成交易。
惠譽認為,萬科此次股權融資受益於中國對房企的支持性政策。惠譽預計今年中國房企的境內融資渠道將進一步改善。萬科的大規模的股權融資受益於中國政府於去年11月末釋放政策工具中的「第三支箭」,其旨在採取措施改善房企的股權融資渠道,以穩定房市、提振投資者情緒。碧桂園(02007.HK)於去年11月22日完成39億港元的H股增發。保利發展於去年12月宣布計劃增發125億元人民幣的A股。多家其他上市房企亦紛紛效仿。
萬科的銷售額持續下降,但去年仍是中國前三大房企之一,穩居市場領導地位。去年萬科的銷售額縮減34%至4,170億元人民幣,而前30大房企中大部分銷售額降幅高達40至50%。
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