國美零售(0493.HK):自有資金充裕,預計將如期償還到期債券
12月11日,國美系上市公司股價集體走高。其中,國美零售一度漲16%,國美金融科技一度漲超13%,A股中關村和ST美訊均逆勢上漲。截至發稿,國美零售股價漲近6%。
據瞭解,18國美01債券將於近期到期。目前該債券的回售登記期已經結束,根據上交所披露的公告,該債券的回售登記期為2020年12月1日至2020年12月8日。
18國美01債券的發行規模為6億元人民幣。回售資金的兑付日為2020年12月21日。筆者通過知情人士瞭解到,國美已經將償還債券所需資金準備齊全,還款資金來自公司的自有資金,預計回售資金於12月18日前打入中國證券登記結算有限公司的兑付賬户,並預計債券持有人於12月21日當天便能收到本金及利息。
今年三月,國美零售亦如期償還了一筆境外債券。根據公司發佈的公告,國美零售宣佈如期全額償還了一筆2020年到期5.0%美元債券,該筆債券的本金為4.66億美元,利息約1165萬美元,本息合計約4.78億美元。
作為深耕行業三十餘載的老牌知名企業,國美零售一直非常重視公司的信譽,保持良好的信用。回顧過往,公司發行的境內債和境外債均沒有利息延期支付及違約的歷史,其境內債自發行以來一直維持AA+評級,在資本市場上樹立了良好的信譽口碑。
國美零售擁有健康的資金狀況,流動性良好,公司具有實力如期償還債券。根據國美零售中報顯示,截至今年上半年,公司擁有現金及現金等價物約114.37億元人民幣。
事實上,今年“暴雷”的債券頻有出現,因經營不佳、業績虧損、流動性緊張等各種原因違約的企業並不在少數,尤其是今年的特殊環境使得很多不具有經營韌性的企業現金流承壓。萬得數據顯示,2020年以來市場上違約的債券總數已經超過100只。一個公司能否如期償還債券,成為其經營實力的重要證明。
國美零售如期償還境內外債券既是公司保持良好信譽度的體現,也是公司抗風險能力、經營韌性的體現。在企業的發展中,國美零售始終堅持長期主義,並順應時代發展潮流,積極轉型變革,推出“家·生活”戰略,打造覆蓋線上線下雙平台的生態圈。值得一提的是,今年4月和5月國美還牽手了國內電商平台拼多多和京東,進行渠道融合拓展,在貨品、物流、倉儲、售後服務等方面達成共識和深度合作。
綜上,充裕的資金儲備及穩定的經營情況決定了公司具有足夠的償債能力和強大的抗風險能力,是值得長期投資的標的。
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