瑞信下调富力(2777.HK)目标价至14.4港元评级“中性”
瑞信发表研究报告,指富力地产(02777.HK)上半年业绩差过预期。核心盈利按年下跌5%至38亿元人民币,占该行对公司全年预测的32%。中期每股派息按年增加5%至42分人民币,意味中期股息收益率为3.2%,净负债比率按半年上升35个百分点至219%。

该行又指,富力的酒店业务表现有改善。净经营溢利按年升7%至6.3亿元人民币,毛利率上升1.2个百分点至18.5%,管理层对此业务持续增长有信心。
瑞信下调富力估值基础,将其资产净值(NAV)折让预测由50%扩大至60%,以反映发展商的融资环境收紧,以及其净负债比率显着增长,目标价相应由18.1港元下调至14.4港元,维持“中性”评级。
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