惠誉上调正荣地产(6158.HK)主体评级至B+
惠誉将正荣地产的主体评级由B上调至B+：评级上调反映惠誉认为公司通过股份发行及以内部产生的现金偿还债务，能有效降低杆杠率（定义为净借贷/经调整存货比率，包括联合营公司按联合比例合并）至51%（2019年中期：55%）。惠誉相信，随着正荣采取较前两年保守的增长策略，公司将维持其杆杠率在约50%水平。
评级主要驱动因素
可持续的杆杠：惠誉相信正荣可维持其B+评级。公司的杆杠率于2019年中期为55%，但惠誉认为随着公司于其后通过股份发行及以内部产生的现金偿还债务，有效令其杆杠率下降至51%。正荣于2019年上半年的新购土地开支约为人民币160亿，占其2019年上半年权益销售额约一半。我们预期正荣全年新购土地开支为人民币350亿，致使杆杠率达50%。中国房地产企业普遍于2019年在二线城市采取较为积极的土地策略，将令整体土地开支上升。
更平衡的资本结构：公司于2019年上半年的现金对短债比率为1.2倍。我们预期随着公司持续以较低成本的融资置换较高成本的信托融资，融资成本可望进一步下降。正荣自上市以来，一直积极开拓融资渠道。于2019年上半年，公司的无抵押贷款比例上升至41%（2018：34%），並持续通过境外贷款置换境内非银行借款。
高质量土储：正荣的土储集中在二线城市，且有效分散在中国的东部、北部、东南部、西部及中部地区。没有一个单一城市贡献特别多的销售，有效避免单一市场及区域政策风险。这使得正荣于过去三年实现强劲的权益销售增长，而公司于2019年上半年的权益销售额达人民币300亿元。由于来自一线城市的销售贡献下降，公司的合约销售均价由2018年的人民币16,770元下降至人民币15,390元，但销售均价仍高于其他B+评级的同业。
流动性
充裕的流动性：正荣于2019年6月底拥有非受限现金人民币251亿，抵押存款人民币5亿、受限制现金人民币46亿、尚未动用银行贷款额度及境内外债务发行额度，足以覆盖其人民币249亿的短期债务。于2019年中期后，正荣于债务及股权资本市场进行了人民币28亿融资以偿还债务，並已偿还合共人民币50亿债务，致使其净借贷于2019年中期后减少人民币26亿。
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