《大行》摩通:新世界(00017.HK)達成882億元融資協議符預期 惟流動性壓力仍存在
摩根大通發表研究報告指,新世界發展(00017.HK)趕在期限前達成新銀行融資及經統一銀行融資協議。涉及約882億元現有境外無抵押金融債務,符合預期,相信可爲新世界提供一些喘息空間,但考慮到集團仍有約1,000億元債務(計及永續債),而且利息支出覆蓋率依然處於緊張水平,因此認爲其流動性壓力仍將存在,仍予「減持」評級,認爲管理層優先考慮去槓桿及避免違約時,股東利益可能被犧牲。
但亦摩通相信,爲避免引發系統性風險,香港當局及銀行均不會希望新世界發展出現技術性違約,因此預期未來會提供更多支持,目標價3.7元。
儘管新世界成功延長部分銀行貸款期限,未來仍需支付利息開支,摩通估計新世界發展每年利息支出爲80億至90億元,近日HIBOR下行有助節省部分利息,假設今年全年HIBOR維持爲約2.5%,估計其利息開支可減少19%。
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