2021年9月17日 星期五

恆大1H 2021 UPDATE (個人NOTES)

EVERRE 1H 2021 Update

 

Liquidity

l   China Evergrande delivered on their deleveraging promise with total borrowing reducing to RMB 571.1B

l   Trade and other receivables increase 13% to RMB 818.5B

l   Short term borrowings plus trade and other payables amounted RMB 1.06T

l   Restricted cash RMB 86.68B

l   Conclusion: EVERRE cannot meet all near-term liabilities without fire sales.

l   Management warned of possibility of debt default should it fail to implement asset disposal or subsidiary disposals

 

P/L

l   1H 2021 revenue: ↓16.5% yoy to RMB 222.7B

l   Property sales:↓18.8 yoy to RMB 212B

l   ASP/GFA: ↓11.2%/↓8.5%

l   Prop management: ↑76%, RMB 5.2B

l   GP Margin: 12.9% vs 25% yoy 1H 2020

l   Interest expenses: 11.8% to RMB 36.9B, due to reduce in borrowings

l   Net Profit: 29% to RMB 10B

 

3 red lines

l   Net gearing 99.8%

l   Liability/asset: 82%

l   Cash RMB 161B. Unrestricted cash/ST debt 0.36x

 

Notes:

l   Immediate non-core asset disposal and sales needed

l   Re-financing is difficult

沒有留言:

張貼留言