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富瑞:維持雅居樂(3383.HK)“買入”評級 目標價13.03港元
格隆匯 08-19 17:38

富瑞發表研究報吿指,雅居樂集團(3383.HK)利潤率受壓導致中期核心盈利下降5%,但資產負債表有顯著改善。管理層表示,將會先去槓桿化及進行成本控制,以減輕未來幾年的利潤壓力。該行相信,集團將進入較慢但持續的增長階段。該行下調雅居樂2021至23財年的每股盈利預測5至15%,目標價由13.94港元下調至13.03港元,維持“買入”評級。

該行表示,除了潛在的信用升級外,相信資產負債表將更為健康,包括集團中期可維持10%的銷售額增長,以及維持其30至40%派息率,以在未來3年提供12至14%具吸引力的股息收益率。

該行考慮到過去幾年新進的低線城市利潤率較低,且高利潤項目在規模較大的情況下貢獻逐漸減弱,預期集團毛利將進一步下滑至27%,為減低盈利差距,料集團會繼續出售其具盈利的大型項目股份。另外,管理層強調,目前非發展業務的盈利能力相對較低,但會逐步剝離業務以實現價值釋放,而當前動盪的資本市場可能為計劃增加不確定性。

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