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里昂:降港铁公司评级至“持有” 目标价降至27港元
Zhi Tong Cai Jing· 2025-08-21 07:12
该行下调2025和2026年经常性溢利预测28%/33%。该行指,资本开支上升亦可能令港铁2026及2027年经 调整净负债权益比率分别上升至46%及55%;该行调低港铁2027年的营运资金与净负债比率预测至14%。 里昂指,以每年4.8%的股息率计算,认为港铁的风险回报不吸引,亦不排除会发行可转换债券,甚至 股票的可能性。 里昂发布研报称,港铁公司(00066)经常性溢利增长仍然疲弱,因为开支增长可能会拖累溢利,而收入 仍然疲弱。该行将目标价由30港元下调至27港元,并将评级由跑赢大市下调至持有。 ...
评级调整专题:2025,评级报告的关注点
Tianfeng Securities· 2025-08-15 05:13
Group 1: Investment Ratings - No investment ratings for the industry are provided in the report. Group 2: Core Views - The report focuses on the new changes in credit rating adjustments in 2025 and the key points in rating reports, analyzing the rating adjustment characteristics and reasons of urban investment, industrial, and financial bonds [10]. Group 3: Summary by Directory 1. 2025, Rating Report Focus Points 1.1. Urban Investment (Chengtou) Subject Rating Report - Regional negative public opinions, such as local fiscal revenue decline, heavy government debt burden, and frequent capital chain tensions of Chengtou companies, have become important factors affecting credit ratings [12]. - The appearance of "public - welfare" in the report implies poor profitability of the current business segment, which requires government financial subsidies [13]. 1.2. Industrial Bond Subject Rating Report - For real - estate, the quality of land reserves is more important than quantity, and projects in first - tier cities have stronger profit potential [15]. - For construction, ratings focus more on order quality and structure, including order structure, regional distribution, and owner credit [16]. 1.3. Financial Bond Subject Rating Report - Non - interest income, such as fees and commissions, provides an additional income source for financial institutions in a narrowing net interest margin environment, but is also affected by regulatory policies [17][18]. - Regulatory authorities promote the reduction of non - standard investments to improve asset quality, and rating reports pay attention to its impact on financial institutions [19]. 2. Characteristics of Rating Adjustments Since the First Half of 2025 2.1. Changes in Urban Investment (Chengtou) Subject Rating Adjustments - **Upward Adjustments**: In the first half of 2025, the number of Chengtou subjects with upward - adjusted ratings increased to 33 from 28 in the same period of 2024, and reached 41 as of August 12, 2025. Upward - adjusted platforms are mainly at the prefecture - level and district - county levels, concentrated in Zhejiang, Jiangsu, Hunan, and Shanghai. The main reasons for upward adjustments include regional economic advantages, increased government support, prominent strategic positioning, good self - operation and financial conditions, and strong industry prospects and competitiveness [51][53][63]. - **Downward Adjustments**: In the first half of 2025, the number of Chengtou subjects with downward - adjusted ratings decreased to 3 from 7 in the same period of 2024, and reached 4 as of August 12, 2025. Downward - adjusted subjects are mainly from Guizhou and Yunnan, at the district - county, prefecture - level, and national - level park levels. The main reasons for downward adjustments include changes in business and functions, deterioration of financial conditions, and increased contingent risks [68][73][78]. - **Implied Rating Adjustments**: As of August 12, 2025, 23 platforms had upward - adjusted ChinaBond implied ratings, and 14 had downward - adjusted ratings. Platforms with upward - adjusted ratings from AA - to AA(2) are concentrated in Jiangsu and Jiangxi, mainly at the district - county level; those with downward - adjusted ratings from AA(2) to AA - are concentrated in Guangxi, all at the prefecture - level [81][86][89]. 2.2. Changes in Industrial Bond Issuer Rating Adjustments - As of August 12, 2025, 16 non - financial industrial bond issuers had upward - adjusted ratings, and 43 had downward - adjusted ratings (4 after excluding convertible - bond - only issuers). Upward - adjusted industries are mainly power, infrastructure construction, and trade, and the main reasons include strong government support, significant industry status and competitive advantages, large project investment and development potential, and improved financial conditions and profitability. Downward - adjusted reasons mainly include high debt - repayment pressure and declining profitability [4][90][100]. 2.3. Changes in Financial Bond Issuer Rating Adjustments - As of August 12, 2025, 18 financial bond issuers had upward - adjusted ratings, and 6 had downward - adjusted ratings. The number of upward - adjusted financial bond issuers increased in the first half of 2025. Upward - adjusted reasons mainly include strong shareholder background, improved business development and profitability, enhanced asset quality and risk management ability, smooth financing channels, and significant regional advantages. Downward - adjusted reasons mainly include poor asset quality, declining profitability, insufficient capital, high shareholder credit risk, and large liquidity pressure [5][105][108].
汇丰升五矿资源目标价18.5%至3.2港元 评级降至持有
news flash· 2025-06-23 02:18
Core Viewpoint - HSBC Global Research has raised the target price for China Molybdenum (01208.HK) by 18.5% to HKD 3.2, while downgrading the rating from Buy to Hold due to copper price downside risks and lack of dividends [1] Group 1: Target Price Adjustment - The target price for China Molybdenum has been increased from HKD 2.7 to HKD 3.2, reflecting a 18.5% rise [1] - The stock price has increased over 30% in the past month, indicating positive developments in the copper industry and improved profit outlook for the group [1] Group 2: Rating Change and Market Conditions - HSBC believes the current valuation of the stock is reasonable, leading to the downgrade of the rating from Buy to Hold [1] - Despite potential increases in copper prices, HSBC sees limited upside for the stock price, while downside risks are intensifying [1]