>> 招银国际-China South City (CSC)： Equity injection from SZ LGFV at Xian project-221219
| 上传日期： |
2022/12/19 |
大小： |
407KB |
| 格式： |
pdf 共3页 |
来源： |
招银国际 |
| 评级： |
-- |
作者： |
-- |
| 下载权限： |
无限制-登录即可下载 |
|
|
研究报告全文：FixedIncomeCreditCommentary19December2022CMBICreditCommentaryChinaSouthCityCSCEquityinjectionfromSZLGFVatXianprojectCSCHCNsofferveryattractiveRVGlennKoCFA高志和85236576235CSCHCNsrebounded13-25ptssincetheendofOct22alongsidethemarketglennkocmbicomhkrallyWeconsiderCSConeofthesurvivorsofthesectorinviewofstate-ownershipandSZLGFVsdemonstratedwillingnessandabilitytoprovideCyrenaNgCPA吳蒨瑩financialandothersupportsTheequityinjectionatXianChinaSouthCityin85239000801ourviewisanotherfinancialsupporttobeprovidedbySZCDGtoCSCAt60ishcyrenangcmbicomhkandYTMof30to50weconsiderthevaluationsofCSCHCNsveryattractivecomparedwiththeYTMof5-6ofLGFVsofotherhighertiercitiesJerryWang王世超Evenifweassumeaharshdiscountrateof20CSCHCNsshouldbetrading85237618919athigh80sjerrywangcmbicomhkEquityinjectionisanotherfinancialsupportprovidedbySZCDGinourviewSZCDGCSCslargestshareholderannouncedtheplantosubscribenewsharesofXianChinaSouthCityforRMB5bnSubsequenttothecompletionofsharesubscriptionSZCDGsholdinginXianChinaSouthCitywillbe6935whileCSCsownershipwillreduceto3065from100SZCDGwillhaveaputoptiontothestakesinXianChinaSouthCitybacktoCSCinfromthe54-thmonththetransactioncompletedifouteventssuchassalesandprofitmarginfallshortoftargetsDespitetheequityinjectionwillbeatXianChinaSouthCityleveltheusesofproceedsincludeRMB286bnfortherepaymentofrelatedpartyloansThesemeanthatCSCwillbeabletoupstreamcashofRMB286bntoholdcoleveluponthecompletionofequityinjectionwhichCSCexpectstobecompletedbynextMarchSaleof50interestsinpropertymanagementtobecompletedbyMar23InJul22SZCDGenteredintoanequitytransferwithCSCtoacquireCSCs50stakesinitspropertymanagementoperationsforHKD146bnUSD185mnCSCreceived60ofthesaleproceedsItexpectstoreceivetheremaining40saleproceedsandcompletethetransactionbynextMarchAsdiscussedSZCDGhasdemonstrateditswillingnessandabilitytoprovideCSCdirectandindirectsupportInOct22SZCDGprovidesCSC3-yearentrustedloansofRMB200mnthroughChinaMerchantBankSZbranchforoffshoreUSDbondamortizationredemptionTheloansarebesecuredwithCSCsstorageassetsinChongqingTheNAVofthecollateralsisRMB147mnasat31Mar22RecalledthatCSCsetupspecifiedoffshoreaccountsforearlyredemptionoftheconsentedbondswiththeproceedsfromnewonshoreloansCMBIFixedIncomefiscmbicomhkPLEASEREADTHEAUTHORCERTIFICATIONANDIMPORTANTDISCLOSURESONLASTPAGE19December2022againstitsspecifiedassetsinHefeiandChongqingTheinterestrateforthe3-yearentrustedloanswillbe435equivalenttothe12-monthlendingratinginChinaandiswellbelowCSCsweightedaveragefundingcostsofover85TheloanswillbeamortizingwithaninstalmentofRMB2mnevery6monthsstartingfrom21Mar23ieRMB190mnoutoftheRMB200mnentrustedloanswillbepaidonfinalmaturityPriortothatCSCsigned2strategiccooperationagreementswithSZSOELGFVinFeb22CSCalsosolditslogisticassetsinHefeiandZhengzhoutoShenzhenInternationalHoldingsASZSOEforRMB17bninearlyApr22AdditionallySZCDGprovideskeepwellfortheconsentedbondsaftertheoffshoredebtrestructuringinJul22CMBInternationalGlobalMarketsLimitedFixedIncomeDepartmentTel8523761886785236576291fiscmbicomhkCMBInternationalGlobalMarketsLimitedCMBGMisawhollyownedsubsidiaryofCMBInternationalCapitalCorporationLimitedawhollyownedsubsidiaryofChinaMerchantsBankAuthorCertificationTheauthorwhoisprimaryresponsibleforthecontentofthisresearchreportinwholeorinpartcertifiesthatwithrespecttothesecuritiesorissuerthattheauthorcoveredinthisreport1alloftheviewsexpressedaccuratelyreflecthisorherpersonalviewsaboutthesubjectsecuritiesorissuerand2nopartofhisorhercompensationwasisorwillbedirectlyorindirectlyrelatedtothespecificviewsexpressedbythatauthorinthisreportBesidestheauthorconfirmsthatneithertheauthornorhisherassociatesasdefinedinthecodeofconductissuedbyTheHongKongSecuritiesandFuturesCommission1havedealtinortradedinthestockscoveredinthisresearchreportwithin30calendardayspriortothedateofissueofthisreport2willdealinortradeinthestockscoveredinthisresearchreport3businessdaysafterthedateofissueofthisreport3serveasanofficerofanyoftheHongKonglistedcompaniescoveredinthisreportand4haveanyfinancialinterestsintheHongKonglistedcompaniescoveredinthisreportImportantDisclosuresTherearerisksinvolvedintransactinginanysecuritiesTheinformationcontainedinthisreportmaynotbesuitableforthepurposesofallinvestorsCMBIGMdoesnotprovideindividuallytailoredinvestmentadviceThisreporthasbeenpreparedwithoutregardtotheindividualinvestmentobjectivesfinancialpositionorspecialrequirementsPastperformancehasnoindicationoffutureperformanceandactualeventsmaydiffermateriallyfromthatwhichiscontainedinthereportThevalueofandreturnsfromanyinvestmentsareuncertainandarenotguaranteedandmayfluctuateasaresultoftheirdependenceontheperformanceofunderlyingassetsorothervariablemarketfactorsCMBIGMrecommendsthatinvestorsshouldindependentlyevaluateparticularinvestmentsandstrategiesandencouragesinvestorstoconsultwithaprofessionalfinancialadvisorinordertomaketheirowninvestmentdecisionsThisreportoranyinformationcontainedhereinhavebeenpreparedbytheCMBIGMsolelyforthepurposeofsupplyinginformationtotheclientsofCMBIGMandoritsaffiliatestowhomitisdistributedThisreportisnotandshouldnotbeconstruedasanofferorsolicitationtobuyorsellanysecurityoranyinterestinsecuritiesorenterintoanytransactionNeitherCMBIGMnoranyofitsaffiliatesshareholdersagentsconsultantsdirectorsofficersoremployeesshallbeliableforanylossdamageorexpensewhatsoeverwhetherdirectorconsequentialincurredinrelyingontheinformationcontainedinthisreportAnyonemakinguseoftheinformationcontainedinthisreportdoessoentirelyattheirownriskTheinformationandcontentscontainedinthisreportarebasedontheanalysesandinterpretationsofinformationbelievedtobepubliclyavailableandreliableCMBIGMhasexertedeveryeffortinitscapacitytoensurebutnottoguaranteetheiraccuracycompletenesstimelinessorcorrectnessCMBIGMprovidestheinformationadvicesandforecastsonanASISbasisTheinformationandcontentsaresubjecttochangewithoutnoticeCMBIGMmayissueotherpublicationshavinginformationandorconclusionsdifferentfromthisreportThesepublicationsreflectdifferentassumptionpoint-of-viewandanalyticalmethodswhencompilingCMBIGMmaymakeinvestmentdecisionsortakeproprietarypositionsthatareinconsistentwiththerecommendationsorviewsinthisreportCMBIGMmayhaveapositionmakemarketsoractasprincipalorengageintransactionsinsecuritiesofcompaniesreferredtointhisreportforitselfandoronbehalfofitsclientsfromtimetotimeInvestorsshouldassumethatCMBIGMdoesorseekstohaveinvestmentbankingorotherbusinessrelationshipswiththecompaniesinthisreportAsaresultrecipientsshouldbeawarethatCMBIGMmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreportandCMBIGMwillnotassumeanyresponsibilityinrespectthereofThisreportisfortheuseofintendedrecipientsonlyandthispublicationmaynotbereproducedreprintedsoldredistributedorpublishedinwholeorinpartforanypurposewithoutpriorwrittenconsentofCMBIGMAdditionalinformationonrecommendedsecuritiesisavailableuponrequestDisclaimerForrecipientsofthisdocumentintheUnitedKingdom219December2022ThisreporthasbeenprovidedonlytopersonsIfallingwithinArticle195oftheFinancialServicesandMarketsAct2000FinancialPromotionOrder2005asamendedfromtimetotimeTheOrderorIIarepersonsfallingwithinArticle492atodHighNetWorthCompaniesUnincorporatedAssociationsetcoftheOrderandmaynotbeprovidedtoanyotherpersonwithoutthepriorwrittenconsentofCMBIGMForrecipientsofthisdocumentintheUnitedStatesCMBIGMisnotaregisteredbroker-dealerintheUnitedStatesAsaresultCMBIGMisnotsubjecttoUSrulesregardingthepreparationofresearchreportsandtheindependenceofresearchanalystsTheresearchanalystwhoisprimaryresponsibleforthecontentofthisresearchreportisnotregisteredorqualifiedasaresearchanalystwiththeFinancialIndustryRegulatoryAuthorityFINRATheanalystisnotsubjecttoapplicablerestrictionsunderFINRARulesintendedtoensurethattheanalystisnotaffectedbypotentialconflictsofinterestthatcouldbearuponthereliabilityoftheresearchreportThisreportisintendedfordistributionintheUnitedStatessolelytomajorUSinstitutionalinvestorsasdefinedinRule15a-6undertheUSSecuritiesExchangeActof1934asamendedandmaynotbefurnishedtoanyotherpersonintheUnitedStatesEachmajorUSinstitutionalinvestorthatreceivesacopyofthisreportbyitsacceptancehereofrepresentsandagreesthatitshallnotdistributeorprovidethisreporttoanyotherpersonAnyUSrecipientofthisreportwishingtoeffectanytransactiontobuyorsellsecuritiesbasedontheinformationprovidedinthisreportshoulddosoonlythroughaUS-registeredbroker-dealerForrecipientsofthisdocumentinSingaporeThisreportisdistributedinSingaporebyCMBISingaporePteLimitedCMBISGCompanyRegnNo201731928DanExemptFinancialAdviserasdefinedintheFinancialAdvisersActCap110ofSingaporeandregulatedbytheMonetaryAuthorityofSingaporeCMBISGmaydistributereportsproducedbyitsrespectiveforeignentitiesaffiliatesorotherforeignresearchhousespursuanttoanarrangementunderRegulation32CoftheFinancialAdvisersRegulationsWherethereportisdistributedinSingaporetoapersonwhoisnotanAccreditedInvestorExpertInvestororanInstitutionalInvestorasdefinedintheSecuritiesandFuturesActCap289ofSingaporeCMBISGacceptslegalresponsibilityforthecontentsofthereporttosuchpersonsonlytotheextentrequiredbylawSingaporerecipientsshouldcontactCMBISGat6563504400formattersarisingfromorinconnectionwiththereport3
|
|
