Bonds are changing, and Golden Di is reaching the time when you need to boost confidence

21st Century Business Herald reporter Wu Shuying Shenzhen Report

Golden land, which has always been low -key, also needs to be secure.

On the afternoon of June 24, 2022, a change of the bond "21 Golden Land 04" under the Bond of Goldland. According to the Shanghai Stock Exchange's solidarity platform, its latest transaction price was 71.500 yuan, which was 96.42 yuan from the previous trading day. %.

At the same time, the Golden Land and US dollar bonds have also fluctuated significantly in the near future. Among them, the US dollar bills with a number of US $ 480 million in 2024 and a interest rate of 4.95%have also been sharply expelled. According to the long -term financial and economic, the current US dollar bill is 75.075, with a yield of 19.9%.

In the past, Jin Di had been self -employed with "science students" and has been operating steadily. However, the recent pressure on bond throwing showed a certain change in the capital market's attitude towards the capital market.

The housing company with a variety of shareholders has reached a delicate and critical development intersection.

Unexpectedly

Investment institutions do not have no warning to the golden ground.

A bond investor who has been concerned about Goldland for a long time told the 21st Century Business Herald that the decline in Goldland Bond was because of "poor confidence."

The time nodes of the golden land bonds can be roughly discovered that the key factor forcing the capital market to change the confidence in Goldland is diverse.

The general view of the market believes that Moody's recently transformed a private leader housing company rating from investment level to high -yielding levels, so that investors' attitudes towards other private housing companies, including Goldland.

A person who does not want to be named an investment institution told a reporter from the 21st Century Business Herald that the plunge of gold bonds and observed from its fundamental aspects, there is not much problem, but the credit is like this. On the one hand, it depends on strength and on the other hand. It depends on the image of the capital market.

In fact, Goldland is not a bad student in the capital market.

Measured by financial indicators, Golden Land is indeed a safer threshold.

In 2021, the asset -liability ratio of Goldland Group was 76.19%. After excluding pre -collection, the actual asset -liability ratio was 67.6%, and the net debt ratio was 55.2%, which was in green.

In terms of bonds, Goldland will usher in the peak of debt repayment in the second half of this year. A total of 4 domestic bonds expire, with a total of about 7.29 billion yuan. In addition, about 450 million US dollars will be expired. As of the end of 2021, gold land holds 64.8 billion yuan in cash, and the response to short debt should be relatively abundant.

However, the consideration of the capital market is obviously not only at the moment, but expectations, it is the future long -lasting business capabilities. Judging from the performance of Golden Land in the past few years, its ability to regulate against the cycle is yet to be strengthened.

According to the annual report of Goldland Group, in 2021, Goldland Group achieved operating income of 99.232 billion yuan, an increase of 18.16%year -on -year; net profit of home mother was 9.409 billion yuan, a year -on -year decrease of 9.5%, showing a significant income income.

Wei Chuanjun, a senior vice president and financial person in charge of Goldland Group, explained at the performance meeting held in April 2021 that the decline in profit decline was mainly due to the continued decline in the development of the industry's downside. The price was low, and the Golden Land has also carried out an impairment measurement of 1.52 billion yuan. In addition, due to the influence of the epidemic situation, it is not as good as expected.

A person from a brokerage agency said in an interview with the 21st Century Business Herald reporter that because the decline in net profit last year was affected by the decline in gross profit, the market was also worried that it would continue, and the industry sales were not very good, and the overall confidence was affected.

In terms of sales performance, according to the previous announcement of Jin Di, in May 2022, the signing area of ​​Goldland's signing area was 664,000 square meters, a year -on -year decrease of 48.87%; the signing amount was 14.19 billion yuan, a year -on -year decrease of 50.18%, almost cut.

Revitalize confidence

In fact, Goldland is also working hard to convey some positive information to the capital market.

An institutional investor in Goldland told the 21st Century Business Herald reporter that Jin Di also held an investor communication meeting recently. Golden Land revealed some business data to investors, which basically conveyed confidence, and also emphasized that bond fluctuations and fundamentals were also emphasized. There is no strong correlation, which is the arrangement made by investment institutions based on its own considerations.

In addition, according to the above investors, Goldland also reiterated that its cash flow was abundant and could cope with short -term debt.

From the perspective of investors, the business data and financial indicators of Goldland are almost Mingpai, and the capital market does not deny its strength in these areas.

However, from the actual situation, unless there are many channels in Longhu as a multi -channel for moat and financial indicators, investors generally pay special attention to the shareholders of housing companies, and Goldland does not have an advantage in this regard.

Goldland's largest shareholder is Fude Life Life, with a shareholding of nearly 30%. The second largest shareholder is Shenzhen Futian Investment Holding Co., Ltd., with a shareholding ratio of 7.79%.

The combination of insurance capital and real estate was highly sought after. Ping An and Huaxia Happiness, Taikang Life and Sunshine City have also been painted. However, with the steering of the real estate market environment, insurance capital and real estate are no longer the addition of each other.

The holding hands of Goldland and Fude Life Life did not seem to have an obvious bonus.

Judging from the international rating of Goldland, although its financial side is stable enough, the three major rating institutions are still prudent.

On May 12, 2022, Moody's confirmation of the "BA2" rating of the Golden Earth Group was stable. representative. Starting from another perspective, the diversified performance of Goldland in financing channels is not as good as housing companies with credit levels.

In May this year, five real estate companies including Country Garden, Longhu, Midea Real Estate, New City and Xuhui were selected as demonstration housing companies. Since then, the above -mentioned real estate companies have also successfully issued corporate bonds in the country.

Goldland has not made much movement in bond financing this year. According to the above investors, Golden Local Noodles stated at the exchange meeting that if there is a chance to issue debt, it will consider borrowing new and old.

This may also confirm that Goldland has not yet waited for the right time to issue debt issuance.

Regardless of the fundamentals, Jin Di is indeed in a critical period of confidence in the battle of faith. What investors look forward to not only passing confidence from the fundamentals, but also substantial actions -the early repurchase of bonds, or the increase of management in the secondary market, may have boosting effects.

In fact, the management of Goldland is not unaware of this. Last year, the stock price fluctuated frequently by the large -scale reduction of the major shareholders of the major shareholders last year.

Now, it is time to make a choice again.

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