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GMT Research:恆大(03333.HK)連續多年誇大收入和盈利 實非內地房市政策受害者 甚至從未盈利過
阿思達克 12-01 12:13
沽空機構GMT Research發表報告指,中國恆大(03333.HK)推遲公布的2021年年報,清楚反映公司明顯誇大收入及盈利,並很可能持續多年誇大,認為恆大並非內地樓市下行的受害者,而是具有基礎問題,甚至從未有盈利。 報告指,恆大多年來虛報收入和盈利增幅,在2021年的報告,對物業銷售收入的確認方式進行重大調整,改變以往的描述,在「客戶接受物業、或根據銷售合同被視為物業已經獲得客戶接受時」確認收入」,不過並無提及物業是「已交付」或「已完工」,只需被視為接受即可。 在此基礎上,恆大增加一項確認收入的額外條件,需「取得竣工備案證或將房地產存貨交付業主使用」,而竣工證是交付房產的必要條件。報告認為,在2021年之前,恆大似乎在一些情況下,在物業交付甚至完工前,已經將收入全額入賬。 報告認為,恆大改變會計方式,原應追溯至以往各期的財務資料,並進行調整,但恆大解釋,因大量員工離職而無法處理,只從2021年開始調整。相關變化對財務報表產生重大影響,導致之前已入帳的6,640億元人民幣收入及1,020億元人民幣淨利潤被轉回,金額相當於恆大自2004年以來全部收入的27%、累計淨利潤的38%。 報告指,恆大已經資不抵債,其離岸債券結構上附屬於在岸負債,亦具有化為烏有的風險,公司只能透過持續借貸維持營運,但已有跡象表明,部分資金來源已耗盡,在某程度上,公司會因為規模太大而無法融資(too big to finance)。(cy/u) ~
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