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《大行报告》摩通降禹洲集团(01628.HK)评级至「减持」 目标价下调至1.5元
阿思达克 03-31 09:52
摩根大通要研究报告指,禹洲集团(01628.HK)去年核心盈利按年下跌80%,认为主因并不是行业同样面对的施工延误问题,而是反映出管理层对控制交付进度及推动收益增长的能力不强,上半年入账部分收入被审计撤销,亦可能是公司治理危机的潜在信号。

该行认为,管理层透露有部分延迟的项目可能不能在上半年入账,预计2021年交付金额将为270亿元人民币,估计毛利率可能会下降至约20%,禹洲今年净利润未必能够完全回升,预测今年净利润为28亿元人民币。虽然认为不会导致偿付能力或债券违约,但该行相信投资者会有一段时间对禹州信心下降,市场预期下降可能会拖累股价进一步下跌。

摩通又指,禹州的资产负债表水平不错,净负债比率录86%,与行业平均水平一致,短期债务的现金覆盖率为1.8倍,认为没有现金流问题,但相信今年市盈率仍会维持低位,要至明年销售及盈利才会见起色,将目标价由4.5元下调至1.5元,评级由「增持」降至「减持」。

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