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《大行報告》瑞銀:若碧桂園(02007.HK)進行債務重組或產生負面溢出影響 重申「沽售」評級
阿思達克 08-09 14:44
瑞銀發表研究報告指,碧桂園(02007.HK)近日有兩筆離岸債券息票到期未支付,涉及2,250萬美元,認為由於公司經營現金流出及即將到期債券規模不少,9月至12月到期債券額料達到200億元人民幣,流動性層面充滿挑戰,重申「沽售」評級,目標價1.2元。 目前內地樓市表現疲軟,該行預計碧桂園今年5月至7月的每月經營現金流出將超過100億元人民幣,對比去年底止手頭現金餘額為約870億元人民幣。 若碧桂園進行債券重組,瑞銀憂慮可能會造成負面溢出影響,除打擊買家對私人開發商項目如期竣工的信心外,亦會影響金融機構及供應商對房企的取態,間接對非上市項目合作夥伴亦帶來負面影響。 因此瑞銀預期中國低線城市的房地產銷售可能會進一步惡化,民營及半國企開發商的再融資可能會變得更具挑戰性,由於當局已出台不同措施刺激樓市發展,預期再推動低線城市的房地產需求將較困難。
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