拓融資擴土儲，旭輝(00884.HK)“備糧”持久戰
受春節淡季和疫情疊加影響，今年以來，房地產市場呈現低迷態勢。1月份，百強房企銷售額同比下滑12%。這其中，旭輝控股(00884.HK)完成銷售人民幣98億元，同比增長8.77%；與此同時，旭輝控股在土地市場和融資端也表現穩健，為長期可持續發展儲備糧草的同時，也顯示出較強的風險抵禦能力。
多元融資，增加經營靈活性
2月18日晚間，旭輝控股披露公告稱，公司及公司若干境外附屬公司與渣打銀行(香港)有限公司訂立貸款協議，雙方所涉及為一筆2億美元的美元定期貸款融資，最後還款期為自首次動用款項日期起計6個月。
旭輝方面在與投資者的溝通函中表示，境外商業銀行貸款是公司既有融資渠道之一，本次渣打銀行的貸款是計劃中按時獲批的靈活備用的信貸額度，成本預計將低於銀團貸款，有需要時再提取計息。“顯示特殊時期，商業銀行對旭輝的信任。”
而此前的1月8日及1月10日，旭輝控股以6.0%的近期最低利率先後完成兩筆境外美元債的發行，1月已融資6.17億美元。同時，公司以合理的融資成本獲批銀行信貸額度作為短期儲備，增加經營靈活性。
謹慎積極，擴充優質土儲
除了把握融資窗口，旭輝今年初以來也把握土地市場窗口，2月以來成功獲取上海、長沙和重慶3個新項目。3個項目權益土地出讓金額合計約為人民幣35.3億元，其中兩幅為100%權益，延續了旭輝2019年以來較高的項目權益比例。
旭輝方面表示，這3個項目皆為底價獲取，預計年內均可貢獻銷售，體現了集團獲取土地的能力與時點判斷能力、充裕現金流以及強勁的資金管理能力。而整體來看，旭輝這一波拿地謹慎積極，聚焦土儲優質的核心城市，為發展提供了優質糧草。
旭輝良好的銷售表現、穩健的財務和優質的土儲獲得了眾多機構的肯定。據不完全統計，今年以來，包括摩根、中金、大和、中信建投等10餘家機構相繼給與旭輝控股買入或強推評級。
大和資本市場日前發佈的研報指出，鑑於旭輝控股高於行業平均的增長水平，近年來強勁的銷售執行力和良好的業績記錄，以及在保持利潤率和槓桿率的同時實現高資產週轉率的能力，重申買入評級和每股8.4港元的目標價。
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