《大行报告》瑞信下调中国恒大(03333.HK)目标价至16.29元 评级「中性」
瑞信发表研究报告指,恒大(03333.HK)去年核心盈利跌72%至74亿元人民币,而调整从策略性投资者的保证盈利95亿元,纯利将逊预期,主因入账较低,以及较多的行政开支所致。
该行指,公司目标於2022年底达至「345-去杠杆」规则,负债比率於今年6月低於100%,即六个月将减负债1,800亿元人民币,预期公司会有较保守的物业销售与资金回收措施。
管理层目前正放眼於货币化其非物业发展业务,公司引入17名策略性投资者至房车宝,集资163.5亿元。该行降恒大2021至22年盈利预期分别24%及28%,并计入2023年表现,目标价由16.87元降至16.29元,评级维持「中性」。
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