《大行報告》美銀證券:雅居樂(03383.HK)向平安出售地產項目 料額外資本助滿足345新規
美銀證券發表研究報告指,雅居樂(03383.HK)以作價70.5億元人民幣,向中國平安(02318.HK)出售7個地產發展項目,預期引入額外資本有助集團去槓桿,最快在2021年底前達到內地監管部門對房企財務的「345新規」門檻。
報告指,平安是次投資有助雅居樂的淨負債比率下降13個百分點,加上公司將推出更多可售資源,預期明年合同銷售增長15%。鑑於周轉速度更快、利潤增長及資本注入速度更快,該行預計雅居樂將在2021年底之前滿足當局345新規下的所有要求。
美銀預期,雅居樂非房地產業務2019至2022年複合年增長率可達41%,預期一旦分拆上市,將釋放資產價值,並加快集團去槓桿步伐,將2020至2022年每股盈測下調1%,以反映毛利率下降及資產周轉率提升,目標價維持14.4元不變,考慮到低廉的估值及預期基本面改善,重申「買入」評級。
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