Share price of industry of paper of dragon of little nine of debt much interest
From;    Author:Stand originally

Announced a few days ago " blame is ideal " the industry of Jiu Long paper that money signs up for (02689.HK) share price is urgent now defeat, up to in the morning 12:30, from yesterday the 1.43 HK dollar of closing quotation drop this to 1.25 HK dollar, drop about 13% . And with the most exalted photograph compared the history of the 26.75 HK dollar September 17 last year, price shrink is amounted to 95% .

Orgnaization of much home grade is right industry of nine dragon paper expresses " look sky " also should be now one of main reasons that drop this greatly.

If mark general key is low its grade at " negative observation list " , grade of long-term company credit is industry of nine dragon paper now " BBB- " , its 300 million dollar is high the publisher grade that does not have pledge bill also is " BBB- " . Mark general states the reason is section of industry of nine dragon paper to the end of this year June did not repay debt outclass anticipates, be in debt to rise urgently to because estimation of capital spending prep above and market condition are adverse,make its gain ability glides be caused by.

Benefit of another grade orgnaization praise the value that also moves industry of paper of low nine dragon to issue of 300 million dollar preferential without assure bond grade, by original " BBB- " fall to " BB " , namely " blame investment grade " rubbish bond level; Still move low the grade of break a contact of publisher of long-term foreign currency of industry of nine dragon paper, also by original " BBB- " fall to " BB " , grade is looked into for " negative " . Benefit praise express, move grade of bond of industry of paper of low nine dragon, basically be 2008 year capital expenses of this company amount to 10 billion yuan of RMB, 6.8 billion yuan of RMBs that prep above predicts, not Guo Huiyu still anticipates industry of nine dragon paper can continue to maintain an industry to lead a position.

The international that make silver is to release a report to say more, cut extent exceeds interest rate of wool of industry of nine dragon paper anticipate, reduce this grade to " buy makes work " , and this company 2009 forecast with the gain 2010 reduce respectively 62% with 71% . The international that make silver expresses, paper industry is in the flabby He Jiulong that its reduce investment grade to reflect global economy to " of " buy carry out the risk on debt. "Theoretic, according to 30 years cash shedding is folded show a model, this appraise value is 1.8 HK dollar, but we think buy makes work pressure still big, because the market is right,inadequacy of administrative layer confidence adds prospective loan interest rate to may rise. If use value of appraise of 1.8 HK dollar, represent of 5.9 times city was filled with 2009 rate, be equivalent to city of history of industry of nine dragon paper be filled with rate interval 5 to the bottom of 23 times. Be equivalent to city of history of industry of nine dragon paper be filled with rate interval 5 to the bottom of 23 times..
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