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《大行報告》高盛降時代鄰里(09928.HK)評級至「中性」 下調目標價至7.4元
阿思達克 05-11 15:58
高盛發表報告,將時代鄰里(09928.HK)2021年至2023年度的盈利預測分別下調2%、17%、17%,以反映併購的行業競爭加劇的情況下,公司未來幾年的規模增長能見度降低。與同行相比,其資產負債表較弱,亦未見到在擴張戰略方面有堅實的執行記錄,因此將目標價由12元下調至7.4元,評級由「買入」降至「中性」。

高盛指,時代鄰里的增長前景高度依賴併購作為規模擴張的渠道。然而,在目前的競爭環境中,時代鄰里與同行相比並不處於有利位置,因為它的現金餘額與收入較小。此外,考慮到母公司的行業網絡和項目採購的商業夥伴,以及相比於該行覆蓋範圍內的主要併購參與者的併購經驗,認為時代鄰里從母公司時代中國尋求優質併購機會方面存潛在挑戰。

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