《大行报告》高盛降时代邻里(09928.HK)评级至「中性」 下调目标价至7.4元
高盛发表报告,将时代邻里(09928.HK)2021年至2023年度的盈利预测分别下调2%、17%、17%,以反映并购的行业竞争加剧的情况下,公司未来几年的规模增长能见度降低。与同行相比,其资产负债表较弱,亦未见到在扩张战略方面有坚实的执行记录,因此将目标价由12元下调至7.4元,评级由「买入」降至「中性」。
高盛指,时代邻里的增长前景高度依赖并购作为规模扩张的渠道。然而,在目前的竞争环境中,时代邻里与同行相比并不处於有利位置,因为它的现金余额与收入较小。此外,考虑到母公司的行业网络和项目采购的商业夥伴,以及相比於该行覆盖范围内的主要并购参与者的并购经验,认为时代邻里从母公司时代中国寻求优质并购机会方面存潜在挑战。
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