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野村维持雅居乐(3383.HK)目标价9.75港元重申“减持”评级
格隆汇 08-22 16:54

野村发表研究报告指,雅居乐(3383.HK)管理层出乎意料地就对今年利润指引正面,但该行对公司能否达成全年销售目标1000亿元人民币仍然存有怀疑,并认为公司的高派息比率缺乏现金流支持,因此高股息收益率不能证明对达标正面。该行维持雅居乐目标价9.75港元不变,重申“减持”评级。

野村表示,如果公司下半年没有项目收入的进一步支持,相信要达成1000亿元人民币的全年销售目标将具挑战性。非地产类别的业务需要增长最少167%,才可满足到有关目标,其次是即使公司的非地产业务增长快速,但估计由于房地产业务的盈利能力较弱,下半年仍会出现20亿元人民币的缺口。

该行又指,尽管上半年现金流为163亿元人民币,公司仍宣派21亿元人民币的中期股息,而公司在惠州出售了一个项目,但对现金流并无太大帮助。公司管理层预料下半年将有23亿人民币的现金流,不过考虑到非房地产业务的增长的积极目标,令该行对相关预测存疑。

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