《大行》匯豐研究:新世界(00017.HK)延派永續債息顯示財務壓力 維持「減持」評級
匯豐環球研究發表報告,新世界發展(00017.HK)5月30日收市後宣布將延遲其兩隻永續資本證券6月的票息分派,並有意延遲另一隻永續資本證券的付款,相關永續資本證券的總名義價值達34億美元。該行認為新世界發展通過保留現金,有助於改善其短期流動性。然而,結合其一隻永續資本證券因未行使提前贖回條款而最近重設較高票息率,這向投資者發出信號,顯示新世界發展正面臨一定財務壓力,也將影響新世界發展向股權投資者派發股息的能力(該行預測2025財年零股息支付)。
根據外電早前報道,新世界發展仍在努力為其875億港元的銀行借款進行再融資。雖然新世界發展通過多項舉措積極改善其財務狀況,特別是其物業銷售,但該行認為其業務轉勢的可見度低,維持新世界發展「減持」評級及目標價3.58港元。
匯豐環球研究指,本財年至今(2024年7月至2025年5月),新世界發展已實現約248億港元的合約銷售,達到全年銷售目標的95%以上。其香港和中國內地銷售部門均表現令人滿意。在香港,其項目「柏蔚森」和「皇都」受到買家歡迎,銷售表現良好,分別實現40億港元和36億港元的銷售額。其中國內地部門本財年至今已實現134億人民幣的銷售額。雖然該行看到公司旗下物業銷售有所改善,但尚未見到業務的明顯轉勢。(wl/u)
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