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《大行報告》瑞信降奧園(03883.HK)評級至「中性」 目標價下調至8.3元
阿思達克 06-15 10:33
瑞信發表的研究報告指,中國奧園(03883.HK)經歷去年銷售增長減慢後,管理層指引今年全年銷售增長目標1,500億元人民幣,意味將按年增長13%,公司今年首五月合約銷售已達530億元人民幣,相當於全年銷售目標的35%,而行內完成率約38%左右。該行指出由於管理層將去槓桿優先,所以在土儲緊張的情況下,市區重建項目對推動銷售增長變得更為重要,管理層指引今年市區重建可售資源約為380億元人民幣,貢獻約17%。

該行指出截至去年底公司未入帳銷售約為1,560億元人民幣,相當瑞信對公司2021財年物業發展收入估算的194%,而公司合同負債與未入帳銷售比例約為44%,低於行業平均的70%,估計將影響其可見性。該行將公司2021/22年盈利預測降28%及33%,以反映對利潤及交付的估算下降,並將其資產淨值估算降17%,目標價由10港元降至8.3港元,評級由「跑贏大市」降至「中性」。(el/u) ~

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