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穆迪:金界(03918.HK)仍面臨再融資風險 公司須產生1.35億美元自由現金流償還到期債券
阿思達克 10-24 10:40
穆迪表示,對金界控股(03918.HK)獲控股股東提供最高8,000萬美元的貸款持正面態度,惟認為公司仍面臨再融資風險,因為公司需要產生足夠的自由現金流以償還2024年票據,而這很大程度上取決於其盈利。 根據金界早前通告,於註銷所購回的2024年票據後,本金總額為4.72億美元的2024年票據於目前仍未償還。 穆迪指出,金界擁有2.98億美元的現金和現金等價物,假設其保持4,000萬美元的營運現金餘額,並全額提取8,000萬美元的股東貸款,公司仍須在未來三個季度產生1.35億美元的自由現金流以支付債券到期。 此外,穆迪認為金界迄今為止的盈利復甦較預期慢,但未來一年內,參考每年首季及第四季的柬埔寨遊客人數的季節性高峰,相信公司盈利能力將有所改善。假設公司今年EBITDA為3.5億美元,明年料為4.85億美元,但復甦速度慢於預期可能會為公司流動性帶來壓力。另預期公司在未解決債券到期問題之前,將不會支付現金股息。事實上,公司自2021年以來亦未曾支付任何股息。
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