《大行报告》瑞信降奥园(03883.HK)评级至「中性」 目标价下调至8.3元
瑞信发表的研究报告指,中国奥园(03883.HK)经历去年销售增长减慢後,管理层指引今年全年销售增长目标1,500亿元人民币,意味将按年增长13%,公司今年首五月合约销售已达530亿元人民币,相当於全年销售目标的35%,而行内完成率约38%左右。该行指出由於管理层将去杠杆优先,所以在土储紧张的情况下,市区重建项目对推动销售增长变得更为重要,管理层指引今年市区重建可售资源约为380亿元人民币,贡献约17%。
该行指出截至去年底公司未入帐销售约为1,560亿元人民币,相当瑞信对公司2021财年物业发展收入估算的194%,而公司合同负债与未入帐销售比例约为44%,低於行业平均的70%,估计将影响其可见性。该行将公司2021/22年盈利预测降28%及33%,以反映对利润及交付的估算下降,并将其资产净值估算降17%,目标价由10港元降至8.3港元,评级由「跑赢大市」降至「中性」。(el/u) ~
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