《大行報告》摩通下調富力地產(02777.HK)目標價至9元 評級「中性」
摩通發表的研究報告指,富力地產(02777.HK)受「三道紅線」影響自上市以來首度去槓桿,公司現時已去掉150-200億元人民幣的庫存,出售了投資物業及酒店資產,並出售了在開發物業中的少數權益,該行料其毛利仍會受壓,不過出售資產估計有助支持其估值,並助變現資產。摩通予公司「中性」評級,料富力信貸風險較低,目標價由10元降至9元。
該行指出公司從2,540億元人民幣(下同)資產產生1,380億元合約銷售及410億元毛利,而年度利息開支一般約為130億元,利息開支佔毛利約35%。當毛利率收縮5%,稅前溢利便減少30%,儘管去槓桿持續,公司利息開支仍然較高,而其物業發展估值維持低位。
該行指出公司4,420億元資產中,仍有逾300億元的酒店及340億元的投資物業可出售,相信市場在出售前不會考慮相關價值,假設當中有一半將在未來三年出售,意味每年出售約100億元左右,意味未來三年每股將變現3.4港元。
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