大和:世房(0813.HK)配股後可迎來更多機遇 維持“買入”評級
大和發表研究報告指,世茂房地產(0813.HK)
上週宣佈折讓7.85%配售1.58億股,但同時集團去年6月底止的一年內到期債務只有321億元
(
人民幣,下同),以本身手頭現金522億元足以應付,因此相信本次配股並不反映出集團急需籌集資金。
該行續指,世茂近日股價表現強勁,停牌前一個交易日升近6%,配售價與該水平比較折讓僅3%,預計截至2019年底公司淨負債率低於60%,因此認為今次配股的戰略意義較大,並相信配股後可迎來更多發展機遇。
大和指出,世房日前與內房福晟集團達成戰略合作協議,料雙方將建立一個合作平台負責發展福晟所有的房地產開發和投資項目,當中世茂負責項目建設。考慮到世房2019年全年實現合約銷售額2,608億元,遠超其2,100億元的銷售目標,相信其可在今、明兩年持續跑贏同行,維持“
買入
”評級。
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