我的聲明

我的聲明:

這blog原是用來紀錄我收集各樣債券的資料和知識,方便自己学習。非我原創性的文章,都会儘量標明出處或作者。Blog內紀錄的債券不代表我擁有或建議任何人投資。每個人都要為自已的投資決定負責任。

我主要投資直債或Reits。歡迎大家一同交流,互相鼓勵。如果你有好的債券分析,也歡迎email給我放上來,公諸同好!

我也有另外一個網誌"Reits World 我的房託世界"是關於投資REITS的,歡迎瀏覽。http://reitsworld.blogspot.hk

2016年1月19日星期二

新昌營造 (HK404) HSINCG8.75 5/18/2018



                                                                                                               新昌營造集團網站


ISSUERBOND YTWYTM PriceDur
穆迪
SP
Finn
Special Feature
Updated
HSIN CHEONG(404HK)HSINCG8.75 5/18/187.13%103.652.2
NA
NA
NA
12/4/15
7.77%102.12.11/19/16


812/17/16
84.152/19/16


ISSUERBOND YTWYTM PriceDur穆迪SPFinnSpecial FeatureUpdated
HSIN CHEONG(404HK)
HSINCG8.5 1/15/19

8.0101.352.6NANANA
1/19/16
812/17/16

16/1/2016


Hsin Chong Construction Group’s due-2018 and due-2019 bonds fell more than 10 points this morning [16 February] on a bank pulling margin financing for company-issued securities amid rumors that two key relationship banks are considering pulling their credit lines, according to six market sources.
A spokesperson for the construction-turned-development company denied the rumors that credit facilities might be cut.
Hsin Chong’s unrated USD 300m, 8.75% due-2018s and USD 150m, 8.5% due-2019s were indicated at the high-80s shortly before lunchtime in Hong Kong, with substantial offer interest but limited bids, a dealer said.
In response to a “policy change,” Hang Seng Bank this week cut its margin financing level for securities issued by Hsin Chong to 0%, from 45%, a wealth management relationship manager at the bank said. The two tranches of notes are largely held by retail accounts in part because many institutional investors are concerned about the company’s growth plan in ostensibly low-value cities as well as related-party transactions and the mysterious departure of a well-regarded chairman and CEO late last year, as reported.
Hang Seng along with parent HSBC are the two banks rumored to be considering pulling lines, four of the six market sources said. A banker close to the situation and a person with knowledge of the matter said the banks are “running down” their credit facilities extended to the firm.HSBC and Hang Seng are the first two names on the non-alphabetical list of the company’s principal banks, as per its 1H15 report.
While there is little disclosed on the relationship, another source familiar said at minimum, Hsin Chong has outstanding a CNY 1bn (USD 153.5m) facility from Hang Seng secured by a Beijing project valued at 2x more than the outstanding.
The two banks did not respond for comment.
As of end-June, Hsin Chong had HKD 3bn (USD 385m) unrestricted cash against HKD 3.13bn bank borrowings and HKD 2.38bn of other borrowings from financial institutions maturing in the subsequent 12 months, according to the company’s interim report. It had restricted cash of HKD 25.9m.
The company issued the USD 150m due-2019s in January this year, part of a combined USD 550m of debt it raised since May 2015 to refinance mostly PRC-entrusted loans backed by newly acquired projects as well as to fund the initial deposits for its construction projects in Hong Kong, as reported.
Bankers since early this month have sounded out interest in Hsin Chong potentially tapping the due-2019s, according to two of the six market sources who were approached.
Bonanza
As reported, a shift in Hong Kong-based Hsin Chong’s business focus to the high-capex property development in China might in part erode the company’s strong fundamentals built upon its stable Hong Kong construction business.
Hsin Chong has been raising money largely because it won more than HKD 15bn construction project contracts in Hong Kong last year, nearly 3x more than 2014, the company spokesman said. Hsin Chong generally needs to chip in 3%-7% cash as a performance bond for every contract it wins, he added. There is also generally a roughly two-month time lag between the company’s outlay on a project for items like salaries and materials and when it gets reimbursed, he said.
The company relies on lending from commercial banks to fund the working capital, he said.
Hsin Chong is in a blackout period and scheduled to release its FY15 results in late March, the company spokesperson said

13/01/2016 
新昌營造(00404)發三年期票據,息率約8﹒5%
新昌營造(00404)公布擬發行以美元計值的優先票據,為其建造業務提供營運資金及用於一般企業目的。市場消息指出,新昌營造發行的為三年期票據,息率約8﹒5%。

9/01/2016 
新昌營造(0404)向前主席王英偉發3400萬元換股債作花紅
新昌營造(00404)公布,與認購人王英偉訂立契據,發行本金總額3400萬元之可換股債券。債券不計任何利息,為期兩年;可轉換為3400萬股,佔擴大後股本約0﹒65%;換股價為1元,較前收市價0﹒74元溢價約35﹒14%。
  公司指發行換股債,為認購人於去年1月1日至10月31日期間履行公司執行董事、執行
主席兼行政總裁職責之表現花紅。
公司背景最新及財務資料

12 則留言:


  1. 新昌營造(00404)公布擬發行以美元計值的優先票據,為其建造業務提供營運資金及用於一般企業目的。市場消息指出,新昌營造發行的為三年期票據,息率約8﹒5%。

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    1. 這隻2019新債比2018 YTM高了1.5%,消息也導致20l8債跌了1%有多.

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  2. 新昌2018年債回升至93/94,可借LV cut由60%到40%

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  3. 《經濟通通訊社10日專訊》新昌營造集團(00404)宣布,公司已獲聯合開發商新建業集團及泰文隆集團,委任為柬埔寨泰文隆雙子大廈世貿中心項目的建造管理人,今日已於當地進行簽約儀式。 集團指,將負責工程承建商的協調及工程監控、程式控制、商業諮詢、安全 ...
    經濟通

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  4. 新昌營造 債台高築
    新昌營造(00404)在一眾內房股中僅是一小盤股,市值約33億元,其為港人所熟悉的是建築及物業管理業務;但其國內的地產項目爛攤子及其典型的中國民企的幾何式債務膨脹,則不一定為人所識。
    新昌是由惠理基金創辦人葉維義之祖父葉庚年於1939年所創辦,當年主業是建築工程,參與的項目赫赫有名,其中包括啟德機場、香港科技大學、海洋公園等,2007年前新昌不啻是一穩健的實業股。葉家於2007年把新昌賣盤予觀瀾湖的老闆朱樹豪;之後控制權輾轉落入國企天津物產集團及後來的林卓廷手中。雖然公司的建築及物業管理的生意仍在;但事物依舊,面目全非。
    根據2015年6月的中期報表,新昌總資產為361億元,淨資產為144億元。其中投資物業及發展中物業總計258億元,約為總資產的72%及淨資產的180%。
    258億元是什麼概念?瑞安房地產(00272)的上海新天地相信是最為讀者熟悉的內地頂尖商業項目。這個51萬方米樓面面積的商業項目,估值亦僅是約350億元。新昌名不見經傳的地產項目,價值竟然相當於上海新天地的75%!
    這些由林卓廷注入的的地產項目又是什麼呢?新昌擁有530萬方米樓面面積的地產項目當中,鐵嶺星悅南岸及佛山星悅南岸分別佔300萬方米及190萬方米。這兩個項目皆位處三四線城市並遠離市中心的地方。
    頻繁集資 實屬恐怖
    鐵嶺星悅南岸位於遼寧省鐵嶺的鐵嶺新區。遼寧省經濟慘淡近年已為人所識,瀋陽市房市滯銷;更何況是位處瀋陽市北方70公里的鐵嶺?這個人口才300萬的城市又是否能承擔新區的發展?佛山星悅南岸則位處三水蘆苞鎮,距離佛山和廣州都有一個多小時的車程。兩個項目皆主打Outlet概念,試問在中國商業物業過剩的情況下,LV、Gucci怎會有興趣在此等偏遠地區成立分店?難怪直至2015年中報,這兩個主打項目的銷售都只聞樓梯響。而新昌的地產項目價值是否可比上海新天地,相信讀者自有判斷。
    那新昌打腫面孔充胖子的理由是什麼呢?資產的另一面就是負債。公司至2015年6月總債務已接近95億元;並在2015年11月及2016年1月再發行分別1億美元的可轉債及1.5億美元高息債。僅2015年至今一年多,按已有紀錄的公司已集資約83億【表】,集資之頻繁,實屬恐怖。
    公司最新的負債水平推算至少在110億至120億元水平。新昌的工程及物業管理本業僅提供每年約3億至4億元的EBITDA,連應付利息亦不足。仍然持有公司股票及債券的投資人是應該寄望鐵嶺、佛山項目轉死為生,還是已脫身有關項目的林卓廷拯救公司?

    公司原CEO王英偉已率先於2015年9月辭任跳船,並在離任後出任金沙中國(01928)的COO。王先生資歷深厚,事業更上一層樓並不奇怪;但新昌後來在2016年1月竟發行3400萬股兩年期可轉債予王先生,以作為其於2015年任內期間的表現花紅。有關花紅在王先生辭任日同日批出。這種離職同時追加花紅的做法實屬罕見,背後又有什麼故事?

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    1. 90.158/91.956
      入手時,忽略了新股東套公司現金買自已物業的意圖,債台高築。已偏離原有穩建作風。交學費了!

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    2. 走為上著,壯士斷臂!重新出發。

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  5. 新昌集團(00404)公布截至3月底止今年首3個月之業務資料。

    建造業務方面,期內營業額27.03億元,按年下跌28.9%;其中,新增合約5.38億元,手頭未完成合約按年減少0.87%至168.37億元。

    另外,物業及設施管理服務業務期內營業額1.86億元,按年下跌7.05%;同時,管理的建築面積約1010萬平方米。

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  6. 謝謝大大,在此分享有關債券知識,
    小弟個多月前給PB sale 了兩條404直債,
    思前想後很久都未有決定,機緣下看了貴BLOG分享,
    得知其風險,萬分感激

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