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《大行報告》摩通降禹洲集團(01628.HK)評級至「減持」 目標價下調至1.5元
阿思達克 03-31 09:52
摩根大通要研究報告指,禹洲集團(01628.HK)去年核心盈利按年下跌80%,認為主因並不是行業同樣面對的施工延誤問題,而是反映出管理層對控制交付進度及推動收益增長的能力不強,上半年入賬部分收入被審計撤銷,亦可能是公司治理危機的潛在信號。

該行認為,管理層透露有部分延遲的項目可能不能在上半年入賬,預計2021年交付金額將為270億元人民幣,估計毛利率可能會下降至約20%,禹洲今年淨利潤未必能夠完全回升,預測今年淨利潤為28億元人民幣。雖然認為不會導致償付能力或債券違約,但該行相信投資者會有一段時間對禹州信心下降,市場預期下降可能會拖累股價進一步下跌。

摩通又指,禹州的資產負債表水平不錯,淨負債比率錄86%,與行業平均水平一致,短期債務的現金覆蓋率為1.8倍,認為沒有現金流問題,但相信今年市盈率仍會維持低位,要至明年銷售及盈利才會見起色,將目標價由4.5元下調至1.5元,評級由「增持」降至「減持」。

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