大行报告丨美银证券:维持新力(2103.HK)全部美元债券增持评级
美银证券在3月更新了对新力控股(SINHLD)的信用点评,核心观点如下:
美银证券维持新力发行利率9.5%,21年到期及发行利率8.5%,22年到期及发行利率10.5%,22年到期的美元债券的增持评级。
1)美银证券认为,新力的信用状况优于其他B类评级开发商,其EBITDA利润率为23.5%,EBITDA利息覆盖率为3.2倍,净债务/ EBITDA为1.6倍,净债务/权益为66%。
2)现金流强劲,截止到23年到期的不受限制的现金/债券(不计在岸ABS)为2.4倍 。
3)尽管公司的项目储备于一二线城市/大湾区并不算太过集中,美银证券仍因其在南昌及惠州市场地位以及足够的土地储备而感到安心。
4)公司拥有较多融资管道,可接触在岸债券及离岸融资市场。美银证券预期公司会持续优化债务结构,同时降低对信托融资的依赖。
5)上述新力债券对比其他即将到期的B类评级债券更具有吸引力。
上行因素包括控制良好的购地行为,销售增长/现金回款强劲,低于预期的美元债供应风险,以及超出预期的政策宽松。

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