旭輝控股集團(00884.HK)配售新股點評：國際長線資金入股，有望助力估值提升，維持“強推”評級，目標價8.51 港元
機構：華創證券
評級：強推
目標價：8.51 港元
事件：
6月7日，旭輝控股配售約1.85億股新股（佔比擴大後總股本的2.28%），價格為每股6.28港元（較6月5日收市價折讓1.26%），扣除相關費用及開支後，預計配售淨額約11.53億港元。
點評：
美國Capital入股，長線資金佔比提升，優化股東結構，望助力估值提升
6月7日，旭輝控股公佈，公司配售約1.85億股新股（佔比擴大後總股本的2.28%），配售價格為每股6.28港元（較6月5日收市價折讓1.26%，較最後交易日前5個交易日、前10個交易日分別折價0.51%、溢價6.21%），扣除相關費用及開支後，預計配售淨額約11.53億港元，配售事項會加強公司財務狀況及促進未來發展，亦會擴闊公司股東基礎及提升股份流通性。配售對象為6名機構投資者，據樂居財經報道，其中約1.77億股配售至美國資本集團。公司資金充裕，配售淨額收入將進一步加強公司財務狀況及促進未來發展，並且美國資本等長線資金佔比提升，將優化公司股東結構，有望助力公司估值提升，並促進公司中長期穩健高質量成長。
5月銷售202億、同比+27%，環比、同比高增，20年計劃銷售2,300億5月，公司銷售金額202.0億元，環比+55.4%、同比+26.5%；銷售面積113.5萬平，環比+39.2%、同比+12.3%，單月銷售環比、同比高增；銷售均價17,800元/平，環比+11.7%、同比+12.7%。1-5月，累計銷售金額556.0億元，同比-15.9%，較前值+13.5pct；累計銷售面積334.0萬平，同比-13.3%，較前值+9.1pct；累計銷售均價16,600元/平，同比-3.2%。20年，公司預計可售貨值達3,800億元，其中一二線及準二線佔比89%，20年銷售目標2,300億元，對應同比+15%，對應可售貨值去化率60.5%，鑑於公司深耕供需關係良好的一二線熱點城市，且佈局集中在長三角、中西部、環渤海等城市羣，可售貨值充裕望助力銷售穩增，並隨權益比例提升，權益銷售增速計劃或將更高。
投資建議：國際長線資金入股，有望助力估值提升，重申“強推”評級
旭輝控股集團起步上海，堅持高品質全國化佈局，深耕一二線，聚焦城市羣，銷售實現高增長，融資成本上市後持續下行，負債率一直安全可控，近幾年利潤率穩定，實現規模、利潤率、槓桿率三者動態均衡發展。公司佈局聚焦一二線+城市羣，預計銷售和業績有望穩增。我們維持預測公司2020-22年每股收益分別為1.03、1.24、1.49元，現價對應20/21年PE分別為5.5、4.6倍，19A股息率高達6.0%，維持目標價8.51港元，並重申“強推”評級。
風險提示：新冠肺炎疫情影響超預期、房地產調控政策超預期收緊。
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