《大行報告》瑞信降富力(02777.HK)評級至「中性」 目標價下調9.9元
瑞信發表報告指出,雖然富力地產(02777.HK)銷售情況在去年12月份有改善,但其2019財年的交付量及毛利率表現均令市場失望,核心盈利按年下跌2%。尤其是,公司在2018年底指引未確認銷售的毛利率為35至40%,但現時房地產銷售的毛利率僅處於下限35%水平。
該行指,富力地產管理層指引公司的合同銷售按年增長10%至1,520億元人民幣,意味售罄率為56%,較2018及2019年的52%及54%表現為高,因此看到公司要達到超出其銷售目標的空間有限。
隨著富力地產2019年底的負債率升至199%,管理層開始推出去槓桿計劃,目標是在2020年將淨負債率下調15個百分點至185%,長期目標是下降至150%。該行指,富力地產管理層已將處理部分重資產列入等辦事項。
瑞信稱,將富力地產2020及2021財年的每股盈利預測分別下調31%,以反映銷售增長放緩,並將其資產淨值預測下調14%。目標價由原來的15.3元下調至9.9元,將投資評級由「跑贏大市」調低至「中性」。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.