Reporter | Li Hao
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Macalline (601828. SH) 3.7 billion fixed increase results are released.
On the evening of October 21, Macalline disclosed the report on the issuance of non-public A-share shares. The company issued 450 million shares at an issue price of 8.23 yuan per share and raised 3.701 billion yuan.
A total of 17 institutions participated in the increase, and well-known institutions such as Alibaba, Haitong Securities, Ruiyuan Fund, and Guotai Junan all appeared. Among them, Caitong Fund Management Co., Ltd. ranked first with 65.3183 million shares subscribed for 538 million yuan, Ningbo Hongxu Investment Management Partnership ranked second with 60.7533 million shares subscribed for 500 million yuan, and Alibaba (Chengdu) Software Technology Co., Ltd. ranked third with 42.5273 million shares subscribed for 350 million yuan.
As for the purpose of the fundraising, Macalline said that it plans to use it for Tmall's "Home Improvement Station" project, 3D design cloud platform construction project, new generation home improvement platform system construction project, Foshan Lecong shopping mall project, Nanning Dingqiu shopping mall project, Nanchang Chaoyang New Town shopping mall project and repayment of the company's interest-bearing debts.
Macalline did not disclose the amount of funds allocated to the above projects, but the company believes that this increase is conducive to further strengthening the company's main business, enhancing core competitiveness and technology research and development strength, and improving the company's sustainable profitability.
It is worth noting that Macalline is highly indebted. According to the semi-annual report, the company's short-term borrowings were 3.481 billion yuan, and the non-current liabilities due within one year were 13.745 billion yuan; but the company's monetary fund balance was only 6.605 billion yuan.
Recently, Macalline has also replenished its working capital through the sale of assets. On October 15, the company announced that it intends to transfer 80% of the equity of Macalline Property to Xuhui Yongsheng (Hainan) Investment Co., Ltd. for a transaction consideration of 696 million yuan. The company also said bluntly in the announcement that "the proceeds from the sale of the equity of the holding subsidiary will be used to supplement the company's working capital".
Macalline Property, the subject of the transaction, was established on March 4 this year with a registered capital of RMB100 million. As of August 31, Macalline Property has not generated any income and cost expenses, and there are no assets and liabilities on the books, so the current book financial data is 0 yuan.
From the performance point of view, Macalline's main products include home business services, construction and design services, home improvement related services and commodity sales. In the first half of this year, the company achieved operating income of 7.503 billion yuan, an increase of 24.54% year-on-year. However, due to the fact that the company's business is mainly carried out through the operation and management of self-operated shopping malls, commissioned shopping malls, franchise shopping malls, etc., it has been seriously affected by the epidemic and its revenue has not yet returned to the pre-epidemic level.
In the first half of this year, Macalline achieved a net profit attributable to the mother of 1.732 billion yuan, although an increase of 57.26% over the same period last year, but a sharp decline from 2.706 billion yuan in the same period of 2019.
However, Huachuang Securities Research Report believes that the number of shopping malls and the occupancy rate of Macalline have increased significantly under the strategy of light assets and heavy operation. Under the new retail model, digital strategic upgrading has opened up incremental market space; at the same time, the negative impact of the epidemic has decreased, and economic recovery has been accompanied by consumption upgrading. Therefore, it is estimated that the company's operating performance will maintain a growth trend in the second half of the year.
From the perspective of stock price performance, Macalline's stock price touched 14.09 yuan / share on July 7 this year, a new high in the past three years, and then the company's stock price fluctuated downward, falling by 32% so far. With the blessing of well-known institutions such as Alibaba, can it stimulate the company's stock price?