《大行報告》花旗上調融創(01918.HK)目標價至1.9元 離岸債務重整計劃獲批准
花旗發表研究報告,對融創中國(01918.HK)維持「中性/高風險」評級,指出融創的境外債務重組方案已取得香港高等法院批准,並宣布重組計劃所有條件均已獲滿足,將自10月5日起生效。
重組計劃涉及約102億美元,將以可換股債券、強制可換股債券、融創服務(01516.HK)及新票據等方式置換。花旗認為,離岸債務重組計劃的成功實施,對於融創中國來說是具意義的進展,可取得一定的財務靈活性及業務穩定度,將目標價從1.3元上調至1.9元。
不過由於公司首九個月合約銷售表現仍然疲軟,合約銷售額按年下跌50%,而且期內未有太多新土地投資或項目開工建設,因此維持投資評級不變。
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