雅居樂5.75% 2022 NC3 債劵

雅居樂5.75% 2022 NC 3 債券點評

1. Sales growth for 3 consecutive years
2. EBITDA CNY 9B, stable
3. Net profit margin unstable and deteriorating
4. Operating cash inflow +ve for 2015/16 FY
5. Investing Cash outflow CNY 3.8B, stressful compared ot RMB 12.4B cash on hand
6. Net debt to equity stable, 71%
7. Net debt to EBITDA 3.51x compared to COGARD 1.93x
8. Total debt/equity ratio approx. 100%