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《大行》瑞銀:新世界(00017.HK)股價短期或面臨進一步下行壓力 評級「沽售」
阿思達克 06-02 15:32
瑞銀發表研報指,新世界發展(00017.HK)一筆總額3.45億美元的永續債券據報於上月中旬未有贖回,重新定價票面利率預料從6.15%遞增至10.2%,另外集團亦宣布延遲支付四個系列永續證券的票息,兩項舉動均不構成技術性違約。 瑞銀估算目前新世界未償還永續債券總額達350億港元,透過全數延付票息,預計集團每年可節省逾19億元現金利息,有助增強其還款能力。按現行會計準則,所有延付的票息將計入本金,並進一步減少歸屬於股東的剩餘資產淨值,瑞銀預期可能對集團股價帶來短期下行壓力。 展望未來,該行認為一眾銀行對新世界再融資的態度,將成為關鍵催化劑,目前基於每股資產淨值折讓75%,給予目標價4元,評級為「沽售」。
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