新世界發展(0017.HK)去槓桿初戰告捷:基本面煥新,迎價值重估
自去年11月新管理團隊履職以來,新世界發展(0017.HK)減債策略成效卓著,正迎來資本市場的價值重估,股價表現顯著跑贏港資大型開發商陣營。9月26日,新世界發展公佈2025財年年報。報告期內,新世界實現核心業務穩健發展,“七招減債”策略成效持續釋放,各項財務指標顯著優化。一方面,新世界多元化融資渠道通暢,再融資計劃進展順利。公司成功落地882億港元的銀行再融資,貸款到期日大幅延後,顯著增加了中短期流動性;9月25日,新世界又額外獲批一筆39億港元的銀行已承諾貸款額度。加之業務表現靚麗,2025財年新世界總債務和淨債務分別按年下降57億及35億港元,現金流實現回正。另一方面,新世界通過持續優化營運效率及管治能力,實現了資本及營運支出的大幅削減。2025財年,該公司資本支出同比下降15%至126億港元,並計劃在2026財年進一步降至120億港元以下;同時,一般及行政開支也縮減16%至35億港元。尤其是,在債務縮減與降息環境的雙重驅動下,新世界平均利率及總融資成本顯著走低,其中融資成本同比減少13億港元。新世界強調,其財務基礎正逐步穩固,2026財年仍將堅持“穩中求進”總基調,將降低整體債務規模作爲年度首要任務,進一步優化財務結構,爲核心業務的可持續發展提供支撐。與此同時,新世界宣佈將2026財年銷售目標逆勢上調至270億港元,這也是當前同業中唯一上調銷售指引的開發商,展現出對自身前景的堅定信心。隨着公司基本面實現根本性改善,資本市場給予了積極反饋。根據Wind數據顯示,2025年以來,新世界發展股價累計淨漲幅高達52%,表現顯著優於長實集團(20%)、新鴻基地產(18%)及恆基地產(24%),在香港四大頭部開發商中遙遙領先。值得關注的是,9月5日,深圳出臺包括放鬆限購在內的一攬子樓市新政。今年以來,從全國層面的降息等貨幣支持,到上海、北京、廣州等核心城市相繼鬆綁限購,一系列政策組合拳正持續爲房地產市場止跌回穩不斷注入積極因素。有市場分析指出,新世界發展當前股價尚處估值窪地,提供了較高的安全邊際。展望後市,隨着房地產市場整體信心的逐步修復,公司有望迎來債務風險顯著緩釋與優質資產價值重估的“戴維斯雙擊”,其股價具備持續回升的強大潛力。
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