穆迪：確認佳源國際(2768.HK)“ B2”企業家族評級，展望“穩定”
格隆匯4月7日丨
穆迪今日發佈評級報告，確認佳源國際
“B2”企業家族評級，展望“穩定”。此報告讓佳源國際暫時遠離了近日多家房企被降級的輿論旋渦。與此同時，報告中所披露的相關評級標準中，佳源國際打分卡評級已升至Ba3，較目前實際評級B2高出兩級，未來12-18個月內仍有較大提升空間。房企降級風雲
早前穆迪曾表示，境外發債和信託貸款融資的監管收緊將對中國房地產開發商的流動性造成壓力，更將持續擴大房產開發商之間的信用狀況差異。而近一個月由於疫情的迅速蔓延，全球經濟前景持續惡化，導致油價和資產價格下跌，更造成中國房地產行業的又一輪信貸衝擊。穆迪在近期先後下調了萬達、雅居樂、泰禾、新湖中寶、億達中國、富力地產等多家知名房企的家族評級或評級展望。警示現今動盪局勢下，房地產企業存在較高的流動性風險。
穆迪維持佳源評級
2020年3月10日，佳源國際發佈業績報告，報告中顯示去年受惠於大股東注資及管理層的多項並舉，公司盈利能力穩步提升的同時，債務結構得到不斷優化，因此由於2019年初股價震盪而被降級的家族評級得以在短短几個月內得以恢復至B2。穆迪在這次報告中也對此表現予以肯定。
穆迪評級依據
穆迪表示：
（1）高質量低成本的土地儲備為佳源國際帶來了較高的毛利
佳源國際得益於大股東的注資及其他兼併購，拿地成本較低，銷售成績理想。預計未來12-18個月內，利潤率將維持在30%左右，處於行業上游水平。這也為公司在監管收緊的大環境下的銷售部署帶來了更多的靈活性。
（2）預收款充足
佳源國際截至2019年底，擁有預收款近200億人民幣，足以應對2020年銷售復甦不確定性對其所帶來的影響。
（3）手頭現金及合約銷售回款充足
佳源國際在過去三年裏強勁的合約銷售增長為其擴張提供了充足的資金，同時也夯實了其在行業信貸持續收緊的環境下的融資能力。截至2019年底。手頭現金對短債的覆蓋率達到了1.64倍。預計未來12個月內，足以應付再融資需求。
未來評級有較大上升空間
佳源國際在發佈會中曾表示目前並無湖北項目，受疫情影響可控，但穆迪仍將冠狀病毒爆發視為ESG框架下的一種社會風險，考慮其對公眾健康安全和行業所產生重大影響，現時評級仍維持B2。
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