美元

Credit binge and fall in income leave Asian companies exposed
亞洲企業的信貸狂歡如何收場?


近年亞洲很多新興市場企業利用低利率大舉借入美元債務,隨著美聯準即將加息,這場信貸狂歡如今看來問題重重。

Last spring, Sime Darby, a Malaysian conglomerate, announced that it planned to sell noncore assets. It was an attempt to generate cash because much of its Rm16bn debt was coming due quite soon. Like many other companies in Southeast Asia, Sime Darby had ramped up borrowing in the expectation of better economic times that failed to materialise. Its debt swelled from Rm10bn in 2013 to Rm18bn in 2015, while net income dropped by 30 per cent, according to Bloomberg data.

去年春天,馬來西亞綜合企業森達美(Sime Darby)宣佈,計劃出售非核心資產。此舉是爲了回籠資金,因爲該公司總值160億林吉特的債務即將到期。像東南亞其他很多公司一樣,森達美先前抱著對經濟景氣的期待而增加借貸,但結果經濟並不景氣。據彭博(Bloomberg)的數據顯示,該公司的債務水準從2013年的100億林吉特增加至2015年的180億林吉特,而在此期間其淨利潤減少了30%。

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