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景瑞控股(01862.HK):溢價半成配股集資逾3億 ,優化公司股東結構助力估值提升
格隆匯 12-16 17:03

12月15日,景瑞控股(01862.HK)公告,此前配售1.39億股新股計劃已按每股股份2.20港元的價格成功配售予不少於六名獨立承配人。配售新股佔經擴大後公司股份約9.01%,配售事項所得款項淨額約為3.03億港元,公司擬將其用於償還境外債務。此次配售價為每股2.20港元,較12月3日發佈擬配售公告前收市價溢價約5.26%。

1、溢價配售確認底部估值,後續修復可期

從此次景瑞控股的配股情況來看,公司溢價配售釋放了較積極的信號,一方面,我們能夠看到,溢價配售主要是基於配售股份佔到擴大後公司股份的約9%,會存在較大的稀釋作用,因此溢價配售之舉體現了公司對現有股東的保護。從二級市場反映來看,公司近期股價整體表現平穩,而配售完成公告發布後,公司漲了近3%,反映了市場的認可。

另一方面,溢價配股也在一定程度體現了公司內部人對未來股價發展的信心,也從側面驗證了公司目前估值所處歷史低位,後續具備潛在的修復空間。wind數據顯示,景瑞控股當前的動態市盈率僅為3.24X,市淨率為0.50X,相較行業及過往市場低估較為明顯。

而隨着估值底部的確認,此次溢價配售也將有助於吸引優質長線資金的進入,能夠優化股東結構,提升股票流動性,帶動公司估值提升。溢價配售的成功也將反映投資者對公司長期價值的信心。

2、優化股東結構,助力企業穩健高質量成長

相較於其他融資方式,如債務融資等容易導致額外的利息負擔,此次景瑞控股以股本形式融資,體現了公司穩健的一面,透過低成本的股權融資,不僅不會帶來有息負債的增加,同時也將增加權益,進一步推動公司降槓桿,顯著改善企業負債水平。

而根據計劃,公司所得款也將主要用於償還公司境外債務,這也將有助於降低利息支出,優化債務結構。隨着公司進一步加強財務管理,也將保障其長期穩健高質量的經營發展。

目前景瑞控股整體財務狀況穩健,儘管面對疫情壓力,公司今年在銷售端仍然表現良好,截至11月底,公司累計實現合約銷售額220億,同比增長6.6%,而公司回款能力優秀,回款率保持在90%以上,目前公司在手現金充裕,短期償債能力充足。

此次配股有利於景瑞控股槓桿下行,而淨負債率逐步下降後,公司評級有望進一步提升,進而帶動融資成本逐步下行。

值得一提的是,此前9月底,標普全球評級將景瑞控股的評級展望上調為穩定,其確認該公司的長期主體信用評級為"B",並確認其優先無抵押債券的長期債項評級為"B-"。這亦進一步展現了景瑞控股在企業運營能力,財務管控能力上的較強實力。

3、結語

綜合來看,此次溢價配售提振了投資者對公司的信心,有助於降低負債,提高企業經營安全性,優化資產結構,增厚淨資產,推動公司進一步加快業務發展,而在外界資本市場不斷的資金支持下,相信景瑞控股也將會為客户和股東創造更大的價值。

隨着公司股東結構進一步多元化,擴大了股東基礎的同時也提高了股票在二級市場交易量和流動性,強化股票的價值,也為公司伴隨估值提升進入港股通,獲得南下資金支持帶來了更多期待。

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